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Germany

Germany

EnBW puts 400MW offshore decision on hold

GERMANY: German energy company EnBW postponed an investment decision on its 500MW Hohe See project following concerns about grid connection and regulatory uncertainty.

A binding date for network connection of the Hohe See wind farm is also a prerequisite to the company investing in it, Hans-Josef Zimmer, technical director on EnBW's management board, said.

"We need legal clarity and reliable framework conditions before we take a decision on an investment amounting to significantly more than €1.5bn," the company said on Wednesday. EnBW raised €822m in July, claiming this would be used for offshore wind power and other renewables.

The project is to be placed on hold until the legal framework for offshore wind  farms  is clear and their economic viability becomes apparent, the company said. "Current tendering procedures will not be pursued further for the time being," EnBW said.

Investment

In July, EnBW raised €822m via a share issue to fund offshore projects. Announcing successful completion of its recent share issue, EnBW confirmed that it will use the funds raised "to create sufficient financial headroom for the planned expansion of renewable energies". It will focus on wind energy – both on and offshore - as well as "local energy generation", it said.

 

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