wiredinusa March 2012

INDEX

Picture : www.bigstockphoto.com ‘Spring’ Photographer - ‘ Rafal Steciuk’

German offshore partnership

TenneT has entered into a partnership with Mitsubishi Corporation by agreeing to sell a 49 percent equity stake in two German offshore high-voltage cable projects, BorWin1 and BorWin2. Mitsubishi’s aggregate equity commitment will total €240 million. The two grid connections connect a number of offshore wind farms to the onshore electricity grid and have a combined total capacity of 1,200MW. The equity contribution of Mitsubishi represents 20 percent of the expected combined capital expenditures of approximately €1.2 billion for these two projects. TenneT will retain majority ownership and will continue to operate the connections. The underlying regulatory structure has been developed by TenneT in cooperation with the German regulator, Bundesnetzagentur. The transaction is

still subject to certain conditions, which are expected to be met before the Summer, and has been approved by TenneT’s sole shareholder, the Dutch State. Mel Kroon, TenneT CEO, regards the agreement as an essential step for the successful integration of renewable energy: “TenneT is making exceptional efforts in the connection of offshore wind energy in Germany. Currently we are working on nine projects to connect wind farms in the German North Sea. “These projects total to 5,000 megawatt of renewable electricity, enough energy to supply 5 million households. This long-term partnership with Mitsubishi Corporation is both a logical and important step in our considerable contribution to the transition to a sustainable energy supply.”

EUROPE NEWS

EUROPE NEWS

20

wiredInUSA - March 2012

wiredInUSA - March 2012

21