Offshore investment drives Tennet earnings

NETHERLANDS: Grid operator Tennet has posted earnings of EUR 368 million, up from EUR 237 million in the first half of 2014, following investments in offshore wind.

Tennet's HelWin 2 platform was installed in H1
Tennet's HelWin 2 platform was installed in H1

The 55% increase in earnings was attributed to its investment in German offshore projects and a growing asset base.

Tennet installed three converter platforms for offshore projects in the German North Sea: BorWin 2, HelWin 2, and SylWin 1 – a total capacity of 2.35GW. Each platform should be operational in 2015.

Its investment in Geman offshore also includes connection to the 108MW Riffgat project.

The Dutch transmissions specialist also agreed a deal with the country's government to construct an offshore grid network connecting the 3.45GW planned projects to the grid in a structured and standardised approach.

In February, Tennet sold a 67% stake in its 900MW DolWin 3 to infrastructure fund Copenhagen Infrastructure Partners (CIP) for EUR 366 million.

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