HomeRenewablesWindTennet confident of further offshore wind investment

Tennet confident of further offshore wind investment

TenneT is optimistic that its plans to provide Germany’s North Sea offshore wind connections will come to fruition and says they are seeing a lot of interest from potential investors in the wake of Mitsubishi’s injection of over $765m last week.

TenneT media relations manager, Jeroem Brouwers told Power Engineering International (PEi) that the recent change in the German Energy Law has made the difference.
Offshore wind turbines
“Our investment portfolio for German offshore investment is about $10.6bn (EUR8bn) and the Mitsubishi deal means we can fulfil $4bn of that total investment portfolio. So it is an important step.”

“It also means an important signal for the investment market, that after the change in the German energy law, there appears to be confidence in investments like this. Without a change in the law, there was too much uncertainty about planning and liability.”

The German Energy Law came into effect in January of this year and TenneT chiefs had lobbied hard to bring in the legislation. Meanwhile the company had been in conversation with Mitsubishi, amongst others since 2011.

Once the law was introduced the deal was a formality, as TenneT’s project complemented Mitsubishi’s interests.

“It became very clear to TenneT that Mitsubishi was looking for a place to invest in and are always interested in infrastructure and sustainable energy”, Brouwers told PEi. “They have also gone on to prove this further with the investment in an offshore wind farm together with Dutch Energy company, ENECO.”

With a flush of interest from institutional investors, the company’s spokesperson is positive about what 2013 holds.

“We are really looking forward to the rest of this year.”

For more renewable power news