By Kari Williamson
Mitsubishi is entering the offshore grid project by buying a 49% equity stake from TenneT bringing in an aggregate equity commitment of €240 million.
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 for the two offshore wind grid projects. TenneT will retain majority ownership and will continue to operate the connections.
Mel Kroon, CEO TenneT, says: "TenneT is making exceptional efforts in the connection of offshore wind energy in Germany. Currently we are working on 9 projects to connect wind farms in the German North Sea. These projects total to 5000 MW of renewable electricity, enough energy to supply five million households. This long-term partnership with Mitsubishi Corporation is both a logical and important step in our considerable contribution to the transition to a sustainable energy supply."