Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
The European Investment Bank (EIB) signed a loan agreement with EnBW Energie Baden‑Württemberg AG to support the EnBW Baltic 1 offshore wind farm, Germany’s first commercial offshore wind project in the Baltic Sea. On 7 March 2011, the EIB approved financing of €80 million, representing up to 50% of the project’s estimated total cost of around €150 million. The funding is provided to EnBW Offshore Wind, an EnBW subsidiary, for the construction and operation of Baltic 1, comprising up to 21 turbines with an overall capacity of about 48.3 MW located 16 km off the German coast near Zingst and Prerow. The loan is intended to facilitate investment in renewable generation capacity and to help Germany increase the share of electricity produced from renewable sources toward national 2020 and 2050 targets.