Mitsubishi takes $318m stake in German offshore wind links

BorWin1 was built to connect the Bard 1 offshore wind farm

Japanese industrial giant Mitsubishi Corporation has spent €240m ($318m) to buy a 49% stake in two key offshore transmission projects from grid operator TenneT, in the first deal of its kind.

The projects are the BorWin1 and BorWin2 high-voltage transmission lines, which are designed to allow the connection to Germany’s onshore grid of a number of major offshore wind farms with a total capacity of 1.2GW.

“This partnership represents a milestone transaction in Germany, allowing infrastructure investors to invest in separate clusters of regulated assets,” says TenneT, which will continue to operate the connnections.

Mitsubishi’s equity contribution represents 20% of the total capital expenditure of €1.2bn required for the projects.

The transaction is still subject to certain conditions, which are expected to be…

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