Swiss utility EWZ acquires stake in German offshore wind farm

9 January 2014 (Last Updated January 9th, 2014 18:30)

Swiss utility EWZ has acquired a stake in the 288MW Butendiek offshore wind farm, located in the German Exclusive Economic Zone, some 32km west of the island of Sylt, in the North Sea.

Offshore Wind

Swiss utility EWZ has acquired a stake in the 288MW Butendiek offshore wind farm, located in the German Exclusive Economic Zone, some 32km west of the island of Sylt, in the North Sea.

The company has acquired a 49% stake in WPD Butendiek Beteiligungs, which in turn holds a 10% stake in the project company.

In February 2013, Marguerite Fund, Siemens Project Ventures, Industriens Pensionsforsikring, Pensionskassernes Administration (each having a 22.5% stake) and WPD (10%) have formed a consortium to develop the €1.3bn project, which is to be financed through 67% debt and 33% equity.

CDC Infrastructure joined the project in early December 2013 following the acquisition of a 33.3% stake in Marguerite Fund's 22.5% ownership.

The European Investment Bank, Eksport Kredit Fonden (EKF), the Danish Government export credit agency, KfW and nine commercial banks have provided debt financing for the project.

"The company has acquired a 49% stake in WPD Butendiek Beteiligungs, which in turn holds a 10% stake in the project company."

Developer WPD expect to begin offshore construction work on the project in March 2014 and is scheduled for completion in June 2015.

The project, featuring 80 three-bladed Siemens SWT-3.6-120 wind turbines, is expected to generate 1,290GWh of electricity annually, enough to power around 370,000 households.

Siemens was awarded a €700m contract to supply and install the turbines at the plant in addition to providing ten-year long-term maintenance services, while Ballast Nedam will be responsible for the engineering, supply and installation of associated turbine foundations.

Fabricom GDF Suez JV will provide the offshore substation platform, Visser Smit Marine Contractor will offer the inter-array cabling for the project and TenneT TSO will be responsible for connecting Butendiek to the grid through the SylWin-Cluster.


Image: Butendiek offshore wind farm will be equipped with Siemens turbines. Photo: courtesy of Siemens.

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