Wind power

RWE and Commerzbank join forces to build 1GW offshore wind farm in Germany

Seetao 2022-06-22 16:22
  • Germany's energy prices skyrocket after Russia's energy sanctions
  • Germany is accelerating the energy transition with renewable energy as the main body, and plans to speed up the progress of renewable energy projects such as wind energy and solar energy
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RWE is teaming up with Commerzbank to build a 1GW offshore wind farm in Germany and to set up a fund to enable medium-sized industrial companies in the country to access green electricity generated by offshore wind projects. In this regard, the two companies have signed a memorandum of understanding. The new fund, called the Green Mittelstand Fund, will provide mid-sized German companies with scope to procure green electricity through long-term power purchase agreements.

According to RWE and Commerzbank, so far, it has been mainly large industrial customers who have been able to sign such long-term power purchase agreements with large green power projects. Mid-cap companies will get two options under the Green Mittelstand Fund. In the first case, they can directly participate in the planned offshore wind farm by taking a stake. With the second option, companies can obtain long-term green power through power purchase agreements. These two options can also be used in combination.

Michael Kotzbauer, managing director of corporate clients at Commerzbank, said Mittelstand was an important factor in the success of the German economy. With this innovative solution, we hope to enable these companies to generate green electricity from offshore wind turbines, thereby financing Germany's energy transition. What is attractive here is that our concept also offers offshore wind investment opportunities that meet the power needs of medium-sized industrial companies.

RWE and Commerzbank plan to apply for the seabed for offshore wind farms in the framework of future tenders. The auction is expected to take place in 2023. RWE intends to take a 51% stake in the proposed offshore wind farm in Germany. The company will be responsible for the development, construction and operation of the project. Keywords: engineering construction, engineering news

Commerzbank will make the remaining 49% available to interested mid-sized companies through the Green Mittelstand Fund. Ulf Kerstin, Chief Commercial Officer for Offshore Wind at RWE, said that competitively priced green electricity is a promise of a traditional sustainable industrial nation for small and medium enterprises. Our concept offers great opportunities for this, as it can support companies and the energy transition. However, amendments to the legislation should be amended in such a way that it does facilitate the transformation of Germany as an industrial base, as offshore electricity can be provided at competitive prices.Editor/XingWentao