in News Departments > Projects & Contracts
print the content item

TenneT has entered into an agreement with Mitsubishi Corp. to sell a 49% equity stake in two German offshore high-voltage cable projects, BorWin1 and BorWin2. Under the deal, Mitsubishi's aggregate equity commitment will total 240 million euros.

According to the companies, this partnership will allow infrastructure investors to invest in separate clusters of regulated assets.

The two grid connections connect a number of offshore wind farms in the German North Sea to the onshore electricity grid and have a combined total capacity of 1.2 GW. The equity contribution of Mitsubishi represents 20% of the expected combined capital expenditures of approximately 1.2 billion euros for these two projects. TenneT will retain majority ownership and will continue to operate the connections.

The underlying regulatory structure has been developed by TenneT in cooperation with the German regulator (Bundesnetzagentur). The transaction is still subject to certain conditions, which are expected to be met before this summer, and has been approved by TenneT's sole shareholder, the Dutch State.

Deutsche Bank, RBS and Freshfields acted as advisers to TenneT, and Mitsubishi's primary advisers were KPMG and Hogan Lovells.


IOWA Economic Development id2073

Trachte_id2056
Latest Top Stories

More Investors Entering Tax Equity Market; Returns Holding Steady

The entry of new tax equity investors to the wind space last year re-ignited an old debate.


Report: Top 10 Turbine OEMs Had Record Year In 2014

Preliminary findings suggest Vestas reigned supreme again among the world's leading wind turbine makers. How did some of the other OEMs fare?


AWEA's Gramlich To FERC: Additional Transmission Needed Regardless Of Clean Power Plan

To further build a more balanced and reliable electricity portfolio, the U.S. needs to build more transmission capacity.


Getting A Grip On Grinding Gearboxes: Why Such Events Need Not Be Showstoppers

Despite advances in gearbox reliability - namely, from condition monitoring systems and greater design standardization - challenges remain.


How Wind Energy Can Meet EPA Clean Power Plan Requirements

According to the American Wind Energy Association, wind power is a cost-effective solution for complying with the environmental effort.

Hybrid Energy Innovations 2015