Helping a Baltic Sea wind-farm power 340,000 German homes
When operational in 2014, “EnBW Baltic 2” will be the largest wind farm off the German Baltic Sea coast. It will generate electricity for around 340,000 households, so avoiding the production of 900,000 tons of carbon dioxide. We will lend up to EUR 500m to energy firm EnBW in support of this project; more than 40% of the total cost.
The position and scale of Baltic 2 creates many technical challenges. The 80 wind turbines will be spread over 27 square kilometres, 32km north of the island of Rügen. Here the sea can be more than 40m deep so special foundation structures will be required.
Off-shore wind farms are needed to help Germany meet its ambitious plans to boost green-electricity production. Private funding for these complex and expensive projects can be hard to find, particularly since the crisis. Very long-term finance is often required and new technology cannot always be relied upon to give quick results. The EIB specialises in meeting such challenges. To receive our support, projects must be financially viable over the long term and help achieve EU policy goals, such as developing sustainable energy production.
"Participation of the EIB in such projects represents a decisive element in structuring and financing,”said Thomas Kusterer, Financial Chairman of EnBW at the signature of the finance contract on 10th January 2013. “With the financing that has now been agreed, it will be possible to implement the extensive project quickly" added Wilhelm Molterer, EIB Vice President.