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    Reference: 20220473
    Release date: 19 January 2023

    Promoter – Financial Intermediary




    The project concerns a large scale, fixed-bottom offshore wind farm with a total nominal capacity of 960 MW, comprising 64 wind turbines of 15 MW unit capacity, monopile foundations and inter-array cabling. The grid connection, comprising an offshore converter station as well as two HVDC export cables at a distance of over 120km subsea and 110km onshore, is implemented by the responsible Transmission System Operator (TSO) outside the scope of the Bank's financing.

    Additionality and Impact

    This operation consists of the construction and operation of new offshore wind farm that will contribute the achievement of the 2030 decarbonisation targets set out in the National Energy and Climate Plan (NECP) of Germany.

    The financing of this project contributes to Bank's lending priority objectives on Energy (Renewable Energy), Climate Action (transversal) and Environmental Sustainability.

    In terms of addressing market failures, the offshore wind farm primarily reduces carbon and air pollution externalities, through the reduction of carbon emissions and air pollution.

    As the project relies on revenues from the market (the wholesale market and unsubsidised commercial power purchase agreements), in a sector characterised by incomplete markets, the project improves market efficiency and competition.

    The offshore wind farm is expected to generate a high social benefit due to (i) generating clean and renewable power at a cost below the cost of fossil-fuel based alternatives in Germany and (ii) knowledge externalities.

    Overall, the operation is expected to yield good quality and results, thanks to avoided GHG emissions, and employment creation. The project is supported through adequate governance arrangements by the promoter.

    The Bank's support to the project will support the crowding in of other financiers given its experience in the sector which gives a quality stamp to the project.


    The offshore wind farm will primarily reduce carbon and air pollution emissions, which are externalities the market fails to address. Moreover, the project should foster the integration of new, variable renewable generation technologies in the market. The EIB financing would thus fill a market gap in the development of new renewable capacity. That would include a financing gap for projects that try to develop new capacity with more market-exposed structures and instruments.


    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    EUR 1075 million

    Total cost (Approximate amount)

    EUR 2383 million

    Environmental aspects

    The project is located in a dedicated zone for offshore wind development in the German Economic Exclusive Zone of the North Sea. Wind farms adhere to Annex II of Directive 2014/52/EU amending the EIA Directive 2011/92/EU, thereby leaving it to the competent authority to determine if an Environmental Impact Assessment (EIA) is required. The competent authority required an EIA to be conducted, and the promoter delivered the project's EIA studies as part of permitting process. Compliance of the authorisation process with relevant EU Directives will be verified during appraisal.


    The promoter has been assessed by the EIB as being a public undertaking being subject to EU rules on public procurement or concessions. The Bank will require the Promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation, 2014/25/EU or 2004/17/EC, where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.


    Signed - 22/12/2022

    Under appraisal
    14 December 2022
    22 December 2022


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Germany Energy