"He Dreiht represents an attractive combination of key infrastructure characteristics and meaningful impact on the path to net zero. The wind farm is expected to produce clean energy for more than 1.1m households, and long stable cash flows provide characteristics we consider attractive in a balanced portfolio"
Jo Gullhaugen, Head of Infrastructure
Storebrand Asset Management
When completed, He Dreiht will consist of 64 V236-15.0MW turbines supplied by Vestas. Project construction will begin in 2024, working towards a planned commercial operation date (COD) by the end of 2025, at which point it will be the largest operational offshore wind farm in Germany.
The developer and current owner of the project, the German utility company EnBW, will remain as majority owner and long-term off-taker of the produced electricity, and will also be responsible for the construction and long-term operation of the wind farm. EnBW is a strong partner with longstanding offshore wind experience in constructing and operating wind farms in Germany.
"This is yet another example of our targeted approach to infrastructure investments focusing on the energy transition. Our clients show great interest in access to long-term investments with stable returns and positive impact, and we look forward to continued growth in this part of our business"
Dagin Norum, CIO
Storebrand Asset Management
The offshore wind farm is expected to have an annual production of about 5.3 TWh of renewable electricity, offsetting the equivalent of approximately 2.7 million tons of carbon dioxide.
"As the recent UN IPCC report has noted, the world urgently needs investment in efforts to respond to the climate challenge at speed and scale. We'll continue to focus on projects such as this, with projected significant climate impact and stable long-term returns. In Europe alone, according to McKinsey, USD 28 trillion of investment will be needed to reach net zero emissions"
Jo Gullhaugen, Head of Infrastructure
Storebrand Asset Management
