Stake Transaction

In mid‑2011, EnBW brought in a consortium of 19 German municipal utilities as minority investors in the EnBW Baltic 1 offshore wind farm. According to EnBW, the municipal utilities had previously secured call options over 24 MW of Baltic 1’s capacity in May 2010 and exercised these options in full in July 2011, thereby converting them into equity stakes via a dedicated investment company. Subsequent reporting indicates that the consortium’s holding amounts to 49.9% of the 48.3 MW project, leaving EnBW with a majority interest and operational control. The transaction structure allowed municipal utilities, largely from Baden‑Württemberg and other regions, to participate directly in Germany’s first commercial offshore wind farm while enabling EnBW to recycle capital into further offshore developments. Baltic 1 comprises 21 Siemens SWT‑2.3‑93 turbines in the Baltic Sea, 16 km north of the Darß‑Zingst peninsula, with EnBW continuing as operator after the stake sale.