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Offshore wind power: EIB finances EnBW Baltic 2 with € 500 million

European Investment Bank - BEI/13/5   10/01/2013

Other available languages: FR DE

Press release

BEI/13/5

Luxembourg/Karlsruhe, January 10, 2013

Offshore wind power: EIB finances EnBW Baltic 2 with € 500 million

The European Investment Bank (EIB) has granted a loan of € 500 million to the largest offshore wind farm to date in the German Baltic Sea; EnBW Baltic 2. The project is being realised by EnBW Erneuerbare Energien GmbH. The financing contract was signed today in Karlsruhe.

The position and scale of EnBW Baltic 2 make it particularly demanding. The 80 wind turbines will be developed on an area of 27 square metres, 32 km north of the island of Rügen. The sea can be 44 metres deep in this area, which means that special foundation structures, so-called jackets, are required. With a capacity of 288 megawatts, EnBW Baltic 2 will achieve an annual output of 1.2 billion kilowatt hours. This means around 340,000 households can be supplied annually and around 900,000 tonnes of carbon dioxide can be saved in this way.

The project operator is the company EnBW Baltic 2 GmbH, which was founded for this purpose. EnBW Baltic 2 is already the second offshore wind farm in the German Baltic Sea for EnBW. The energy company also operates the offshore wind farm EnBW Baltic 1, which is situated in a more southerly location. However, EnBW Baltic 2 surpasses its predecessor by far in terms of scale and output: it will have four times as many turbines and generate six times more electricity. The turbines should be put into operation in 2014.

"Demanding projects are required so that Germany can implement its ambitious energy aims. EnBW Baltic 2 sets standards. It will be exemplary for future projects of this magnitude. With the financing that has now been agreed, it will be possible to implement the extensive project quickly and make a decisive contribution to the success of the energy transition" said Wilhelm Molterer, Vice President of the European Investment Bank and also responsible for financing in Germany.

Thomas Kusterer, Financial Chairman of EnBW Energie Baden-Württemberg AG, underlined: "The commitment of EIB to a project like EnBW Baltic 2 makes a very essential contribution towards the energy transition. Participation of the EIB in such projects represents a decisive element in structuring and financing. We are delighted that we have created a solid financial basis for the project by signing the contract with the EIB."

Background information:

EIB:

The European Investment Bank (EIB) is the European Union's bank for long-term financing. The EU member states are its shareholders. The EIB's purpose is to promote the EU’s objectives by providing long-term loans for viable projects. The EIB is one of the largest financiers of renewable energy in Europe. The bank has provided loans totalling 3.2 billion Euros to date in the area of offshore wind power alone. The bank's long loan terms and favourable credit conditions are particularly attractive for large projects of this type from the point of view of the operator.

EnBW:

With a turnover of more than 18 billion Euros in the year 2011 and around 20,000 employees, EnBW Energie Baden-Württemberg AG is one of the largest energy supply companies in Germany and Europe. EnBW has been building wind power facilities since the 1980s. It has increased the portfolio in onshore wind power sixfold since 2009 and further growth is planned. By 2020, EnBW wants to build up around 3000 MW of installed capacity from renewable energy in Germany alone and therefore more than double EnBW's current installed capacity in the area of renewable energy.

Press contact:

Eva Henkel, e.henkel@eib.org, Tel.:+352 437982147, +352 621339130

Website : www.eib.org/press - Press office: +352 4379 21000 – press@eib.org

EnBW Energie Baden-Württemberg AG

Durlacher Allee 93

76131 Karlsruhe

Unternehmenskommunikation

Telefon: 07 21/63 14320

Fax: 07 21/63 12672

E-Mail: Presse@enbw.com

www.enbw.com


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