EIB Loans €500 Million to Baltic 2 Offshore Windfarm

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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) -- The largest offshore windfarm in the German Baltic Sea has received a welcome lift with a €500 million ($668 million) loan from the European Investment Bank (EIB).

The Baltic 2 offshore windfarm is being developed by Energie Baden-Wuerttemberg AG (ETR:EBK) (EnBW) (Karlsruhe, Germany) with turbine manufacturer Siemens Energy Incorporated (Erlangen, Germany).

The EIB said that the 'position and scale' of Baltic 2 makes it particularly challenging. The 288-megawatt (MW) windfarm is located 32 kilometres (km) north of the island of Rügen in deep water depths of up to 44 metres. It will boast 80 turbines from Siemens rated at 3.6 MW each. When fully commissioned in 2014, Baltic 2 will be capable of generating up to 1.2 billion kilowatt hours (kWh) a year - enough to power around 340,000 homes and offsetting the equivalent of approximately 900,000 tonnes of carbon dioxide annually.

This is EnBW's second windfarm in the Baltic Sea. Baltic 1 was officially commissioned back in May 2011, when it became Germany's first commercial offshore windfarm in the region. Unlike Baltic 1 however, which has 21 smaller turbines and a generation capacity of just under 50 MW, Baltic 2 will feature four times the number of turbines and generate six times more electricity. For additional information, see May 4, 2011, article - Germany's Baltic 1 Offshore Windfarm Goes Live.

"Demanding projects are required so that Germany can implement its ambitious energy aims," explained Wilhelm Molterer, Vice President of the European Investment Bank and also responsible for financing in Germany. "EnBW Baltic 2 sets standards. It will be exemplary for future projects of this magnitude. With the financing that has now been agreed, it will be possible to implement the extensive project quickly and make a decisive contribution to the success of the energy transition."

Thomas Kusterer, Financial Chairman of EnBW Energie Baden-Württemberg AG, added: "The commitment of EIB to a project like EnBW Baltic 2 makes a very essential contribution towards the energy transition. Participation of the EIB in such projects represents a decisive element in structuring and financing".

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