ABN AMRO advises TenneT on finding an equity partner for its EUR 1.9 billion German offshore transmission projects, DolWin2 and HelWin2.
TenneT, the first cross-border European electricity Transmission System Operator (‘TSO’), has an extensive investment pipeline of c. EUR 6 billion of offshore wind transmission projects in Germany due to the decision by the German Government to exit nuclear in 2010, forcing TSOs to connect renewables projects.
Today, TenneT has reached an agreement with Mitsubishi Corporation (‘MC’) for the sale of a 49% equity stake in the DolWin2 and HelWin2 projects, representing a EUR 1.9 billion investment. The transaction represents an equity commitment of EUR 336 million from MC. TenneT will retain majority ownership of the assets and will continue to be the operator.
This is the second transaction with MC after the successful conclusion of the sale of a 49% stake in offshore cables BorWin1 and 2 in December 2012, representing a EUR 1.2 billion investment.
ABN AMRO acted as financial adviser to TenneT on both transactions.