TenneT and Mitsubishi Corp. have officially finalized their partnership with respect to two German offshore high-voltage cable projects, BorWin1 and BorWin2.
Mitsubishi will have a 40% interest, with an aggregate maximum equity commitment of 240 million euros. In addition, both partners signed a contract for an investment in two more offshore projects – HelWin2 and DolWin2 – in which Mitsubishi also will acquire a 49% interest, for a maximum equity investment of 336 million euros.
The planned high-voltage cables, which represent a total investment of 2.9 billion euros, will connect a number of offshore wind farms in the German North Sea to the onshore electric grid. They will have a combined capacity of 2.8 GW, fulfilling close to 30% of the total goal set by the German government for offshore wind in the North Sea.
