Mitsubishi pledges support to TenneT

Thursday, 24 January, 2013 - 15:15
TenneT has found an investor for four of the eight grid connections it must install to German offshore wind farms. (Graphic: TenneT)

The grid operator TenneT will receive a cash injection from the Mitsubishi Corporation to connect four German offshore wind farms to the grid. The Japanese corporation will stump up a total of €576 million for the BorWin 1 and 2 projects , as well as HelWin 2 and DolWin 2.
For its 49% stake in the BorWin projects Mitsubishi will invest €240 million. The company will make a further commitment of €336 million for the HelWin 2 and DolWin 2 projects. The four grid connections with a total capacity of 2.8 GW represent a €2.9 billion investment. TenneT holds a 51% stake in all four grid connections, thus retaining its controlling interest.

"I am pleased that we managed to come to a final close shortly after the recent announcement of much-needed improvements to the German energy law enacted on 1 January 2013," says TenneT CEO Mel Kroon. "This is an important step for our long-term partnership with Mitsubishi Corporation," he adds.

"The equity commitment of Mitsubishi Corporation further strengthens our balance sheet and keeps us on the right track to financing our offshore investments," says TenneT CFO Eelco de Boer. "These transactions were developed in close cooperation with the Bundesnetzagentur. They demonstrate that the German legal and regulatory regime is attractive to institutional investors."

Lex Hartmann, TenneT’s director of corporate development, confirmed that the conditions for investors had fundamentally improved in an interview with the Frankfurter Allgemeinen Zeitung. The paper quoted Hartman saying, "This gives me confidence that we'll find investors for the other grid connections." "I'm sure that over the next few months we will conclude other deals to finance additional planned grid connections, such as Dolwin 3 and Borwin 3 and 4," says Hartman.

Katharina Garus


TenneT Offshore projects



BorWin1 (in operation)

400 MW



800 MW



800 MW



900 MW



576 MW



690 MW



864 MW



111 MW



108 MW


Alpha Ventus (in operation)

60 MW


Total capacity

5,309 MW

Total investment [€]

Approx. 5.8 bn

Source: TenneT

Similar Entries

Through the new-build program, Norwind Offshore will have taken delivery of five vessels by 2025 (pict. Norwind Offshore)

Norwind Offshore has entered into an agreement with Navigare Capital Partners for an issue of shares in the company.

Siemens Gamesa, Arise and Foresight Group will collaborate for another major project in Sweden using the company’s most competitive onshore platform, the Siemens Gamesa 5.X. The project will be acquired by Foresight Energy Infrastructure Partners, Foresight Group’s flagship energy transition fund.

(l to r): Austin Coughlan, Head of Temporis Aurora Fund and Director of Inis Offshore Wind;  Vanessa O’Connell, Head of Inis Offshore Wind and Aoife Galvin, Senior Offshore Project Manager, Inis Offshore Wind, who joined from ESB (pict. ReputationInc)

Temporis Investment Management (“Temporis”) has on October 11th announced the launch of Inis Offshore Wind, a new Irish renewable energy firm with plans to develop at least 1GW of offshore wind capacity by 2030. This would constitute a significant contribution to Ireland’s offshore wind targets and provide enough electricity to power over 800,000 homes.

Ridgeway “Rockbags” set for exponential growth in 2022 for use in marine and offshore works. Belfast-based construction supply business soars by 40% after acquiring the European rights to distribute “filter units” for use in offshore marine and civil engineering works (pict. Ridgeway)

Belfast-based construction supply business soars by 40% after acquiring the European rights to distribute “filter units” for use in offshore marine and civil engineering works.