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'Baltic 2' gets grey investors

By: Lewis Holdsworth 18/06/2015 PGGM

General Windfarms

Dutch pension fund manager PGGM is taking part in the new German offshore wind farm ‘Baltic 2’. PGGM will invest in the project alongside Macquarie Capital, who agreed to acquire a 49.89 percent stake in the project earlier this year.

The wind farm, which becomes fully operational this summer, will provide clean energy to 340,000 households. Baltic 2 is part of the Energiewende, the policy that aims for a fast transition to a low carbon electricity production in Germany.

Due to the high wind speeds at its offshore location in the German part of the Baltic Sea, the 288 MW windfarm is expected to generate over 1,200 Gwh of green power per annum. This will replace electricity which at this moment is still generated by conventional power stations. This will create significant CO2-offset of 900,000 tons yearly.

This investment fits in the ambition of PGGM’s clients to use pension money to contribute to a more sustainable world. To PGGM Baltic 2 falls in the category of ‘investing in solutions’, where solid financial returns are realized and at the same time contributions are made to solving major societal issues like the climate problem.
Baltic 2 will be subjected to the current German regulatory regime under which it will benefit from approximately eleven years of fixed energy prices and another nine years of downside protection when it sells electricity at market prices.

Frank Roeters van Lennep, Head of Infrastructure at PGGM: "With Baltic 2 we will realize a good financial return and with our investments we can take a next step in helping to make Europe’s energy infrastructure more sustainable. Germany will still need a lot of capital to fulfill its Energiewende ambitions and PGGM would like to contribute. Our clients fully support investments in the energy transition.’’

Windfarm Baltic 2 is constructed by the German utility EnBW which keeps a stake of 50.11 percent in the project. EnBW will take over responsibility for the management of the windfarm and the maintenance work over the lifetime of the project.

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'Baltic 2' gets grey investors

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