Germany

Germany

German energy giant to expand offshore investment

EnBW raises €822m via share issue to fund renewable projects

One of Europe’s largest energy companies, Energie Baden-Württemberg (EnBW), has successfully raised an additional €822m, a substantial portion of which will be used to invest in offshore wind projects.

Announcing successful completion of its recent share issue, EnBW confirmed that it will use the funds raised "to create sufficient financial headroom for the planned expansion of renewable energies". It will focus on wind energy – both on and offshore - as well as "local energy generation", it said.

EnBW’s offshore wind investments include ownership of the 48.3 MW Baltic 1 project, which it bought from developer WPD, and which came online spring 2011. It also owns Baltic 2, which will boast a 288MW capacity when completed. EnBW’s offshore wind strategy foresees ownership of assets with a combined capacity of 1.2GW.

The company also has a stated target to supply 20% of its energy from renewable sources by 2020. In 2010, renewable sources contributed 11% of EnBW's energy supply.

EnBW supplies more than 6m customers. Its two major shareholders, the federal state of Baden-Württemberg and Zweckverb and energy firm Oberschwäbische Elektrizitätswerke, both of which bought new shares via the issue. Other share purchasers included: Badische Energieaktionärs-Vereinigung, Landeselektrizitätsverband Württemberg and Gemeindeelektrizitätsverband Schwarzwald-Donau.

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