AIP is pleased to announce the acquisition of a 49.9% equity stake in He Dreiht, a construction ready 960 MW offshore wind farm located in the German North Sea, alongside Allianz Capital Partners (Allianz) on behalf of Allianz insurance companies and Norges Bank Investment Management (Norges Bank). When completed, He Dreiht will consist of 64 V236-15.0MW turbines supplied by Vestas. The project is expected to reach commercial operation date (COD) by the end of 2025 and will be the largest operational offshore wind farm in Germany at that time.
The developer and current owner of the project, the German utility company EnBW, will remain as majority owner and long-term offtaker of the produced electricity, and further 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.
“We are very excited to invest into He Dreiht alongside our strong partners Allianz, Norges Bank, and EnBW. Once operational, it will generate a long-term and stable return for our investors while significantly supporting the transition towards a cleaner energy economy” says Kasper Hansen, CEO at AIP.
Once operational, He Dreiht is expected to generate green electricity for the equivalent of ~1.1 million households and offset the equivalent of ~2.7 million tons of carbon dioxide p.a.
This is the 10th investment in AIP Infrastructure II, a EUR 4 billion energy transition fund managed by AIP.
AIP is an investment manager dedicated to managing investments in energy and infrastructure assets supporting the energy transition in Europe and North America. The team consists of app. 80 dedicated professionals with extensive experience within investments and energy, located in Copenhagen, London, Madrid, and New York City.
To date, AIP has invested more than EUR 6 billion across 27 energy transition assets and has assets under management expected to deliver sustainable energy to cover the equivalent of more than 4.8 million households’ consumption and save more than 5.1 million tons of carbon dioxide on an annual basis when in operation. AIP’s investors include the Danish pension funds PKA, PenSam, Akademiker Pension and Lærernes Pension, the Norwegian financial group Storebrand and a group of Swiss institutional investors.
For more information, please visit www.aipmanagement.dk
Allianz Capital Partners
Allianz Capital Partners is one of the Allianz Group’s asset managers for alternative equity investments and part of Allianz Global Investors. Allianz Capital Partners manages over 56 billion euros in alternative assets for the Allianz Group and third-party investors*. Its investment focus is on private equity, infrastructure, and renewable energy and its investment strategy aims to generate attractive, long-term, and stable returns for its clients.
*Data as of December 31, 2022
Norges Bank Investment Management
Norges Bank Investment Management is the asset management division of Norges Bank, the Norwegian central bank. As manager of the Government Pension Fund Global, its mission is to safeguard and build financial wealth for future generations in Norway. Norges Bank Investment Management aims for the highest possible long-term return within the investment mandate set by the Ministry of Finance. The fund is invested globally in equity, fixed income and real assets and had investments worth 12,429 billion Norwegian kroner as of 31 December 2022.
EnBW is one of the largest energy supply companies in Germany and Europe, with a workforce of some 27,000 employees. It provides electricity, gas, and water together with infrastructure and energy-related products and services to around 5.5 million customers. Further expanding renewables in Germany and selected foreign markets is a central element of EnBW’s growth strategy. Since the beginning of its transformation in 2012, EnBW has invested some €6 billion in the expansion of renewable energies. By the end of 2025, EnBW will obtain 50% of its generation portfolio from renewable energies. This is already having a noticeable impact in terms of reducing carbon emissions. EnBW aims to achieve climate neutrality in its entirety by 2035.