Germany

Germany

Mitsubishi in second offshore deal with TenneT

GERMANY: Mitsubishi has signed a letter of intent with TenneT to acquire a 49% stake in two offshore grid connections in the German North Sea.

The two projects are HelWin 2 and DolWin 2 and will connect just under 1.5GW to the German grid.

The deal marks the second such agreement between the two companies. Last month, Mitsubishi acquired a 49% stake in two German offshore connection projects from TenneT for €240 million.

The two projects are Borwin1 and Borwin2, which will connect around 1.2GW of offshore projects. These include the Veja Mate and Global Tech 1 wind farms with a combined capacity of 800MW and located 125km north-west of the island of Borkum.

Speaking about the latest agreement, TenneT CEO Mel Kroon said: "With this letter TenneT continues to fulfil the equity raising schedule announced last year, involving an equity injection of €600 million by the shareholder, confirmed last year and MC's recent equity participation of €240 million in Borwin1 and Borwin2.

"Furthermore it demonstrates that this new concept, allowing investors to invest in separate clusters of regulated assets, is indeed attractive. We expect that the talks with MC will result in an agreement this year."




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