The grid connections Ostwind 1 and 2 to the offshore wind farms in the Baltic Sea northeast of the German island of Rügen belong to the infrastructure projects of 50Hertz, one of the four German transmission system operators (TSOs), which contribute to a sustainable European energy future. Ostwind 1 is already in operation and connects the wind farms “Wikinger” and “Arkona” via two offshore platforms with the Lubmin substation in the Bay of Greifswald. The Ostwind 2 project will connect the nearby wind farms “Arcadis Ost 1” and “Baltic Eagle” to the German extra-high voltage grid. The future transmission capacity of both connections is approximately 1.5GW.
To financially secure these forward-looking projects, the TSCNET shareholder is now active on the green investment market as corporate issuer of Green Debt: On 6 May 2020, Eurogrid GmbH, the parent company of 50Hertz, has issued its first Green Bond in the amount of €750m on the regulated market, thus securing the liquidity for the two offshore projects and further grid expansion necessary for the energy transition.
Marco Nix, CFO of 50Hertz, comments on the bond issue: “With the first Green Bond in our company’s history, we are securing part of the necessary investments in the grid infrastructure over the next few years.” Especially in view of the current difficult economic circumstances, the great interest of the financial markets in the bonds was proof of the confidence in the TSO’s sustainability strategy and investment plans. “The transaction is an important cornerstone in driving forward the expansion of our grid and thus the energy transition,” adds Marco Nix.