TenneT in talks with major German grid investors
Transmission system operator TenneT is in "active talks" with further investors in German offshore grid-links after signing a deal with Japan’s Mitsubishi Corporation last month, Wilfried Breuer, senior manager for offshore projects at TenneT told Recharge.
Each of those investors would contribute “several hundred million euros”, Breuer said on the sidelines of an offshore wind conference in Hamburg.
“We’re talking primarily to big investors about considerable participations,” he added, declining to name them on confidentiality grounds.
Breuer did not put a timeframe on the negotiations, which he said may take longer than a couple of weeks.
“Projects are very complex, with complex risk and liability scenarios,” he said. “Investors are looking [in great detail] into that.”
The Mitsubishi deal saw the Japanese group buy into German offshore wind grid-connections with a total investment of €576m ($765m).
TenneT has committed close to €6bn for German offshore links, but will only need to bring in part of that amount as its own capital, Breuer said, while getting the remainder as loans from banks.
Breuer did not specify what percentage of the financing needs to be its own capital, but industry sources said it should hover around 40%.
The development of Germany’s offshore wind parks has suffered serious delays, according to many sector officials primarily due to TenneT’s slow provision of grid connections.