Bloomberg News

EnBW Seeks Partners to Fund Baltic 2 Offshore Wind-Power Project

December 16, 2011

Dec. 16 (Bloomberg) -- EnBW Energie Baden-Wuerttemberg AG, Germany’s third-largest utility, is seeking partners to help finance a wind farm it’s planning in the Baltic Sea.

EnBW has offered almost half of the 288-megawatt Baltic 2 wind park, north of the German island of Ruegen, to municipal utilities and other investors, it said today in an e-mailed statement, without valuing the project. The company aims to sign contracts with partners and start construction by mid-2012.

The utility is looking to bolster project funds after reporting a 552 million-euro ($722 million) loss in the first nine months of the year. EnBW and its German peers have seen earnings drop since Chancellor Angela Merkel ordered the closure of eight reactors in March in response to the Fukushima crisis.

A total of 19 municipal utilities invested in EnBW’s Baltic 1 wind farm, the Stuttgart-based company said. EnBW is seeking to install about 3,000 megawatts of renewable generation capacity by the end of the decade, it said.

Germany’s largest utilities are EON AG and RWE AG.

--Editors: Amanda Jordan, Randall Hackley

To contact the reporter on this story: Stefan Nicola in Berlin at snicola2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net -0- Dec/16/2011 12:03 GMT


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