Ladies and Gentlemen,
2018 saw us break new ground in corporate financing with our first €500 million Green Bond. In 2019, we followed up with two green hybrid bonds for a total of €1 billion. We see the strong demand for these bonds as proof of the capital market’s confidence in our strategy. The equity component of the hybrid bonds also has a positive impact on our rating profile.
Ladies and Gentlemen, 2018 saw us break new ground in corporate financing with our first €500 million Green Bond. In 2019, we followed up with two green hybrid bonds for a total of €1 billion. We see the strong demand for these bonds as proof of the capital market’s confidence in our strategy. The equity component of the hybrid bonds also has a positive impact on our rating profile. We have consistently followed and almost completely implemented our EnBW 2020 Strategy, which we developed in 2013. This had the target of regaining our 2012 earnings level by 2020 with adjusted EBITDA of €2.4 billion. We have now attained that earnings target one year earlier. After a phase of transformation and realignment, we are now on a clearly defined growth path. For 2025, we have set ourselves a target of €3.2 million in operating earnings. In our EnBW 2025 Strategy, we are evolving into a sustainable and innovative infrastructure provider. On the way there, we are also going beyond the traditional boundaries of the energy sector in order to develop new growth areas, such as urban infrastructure. By that we mean the smart interconnection of – for example – energy, transport, telecommunication and security in the public arena. Alongside the technical aspects of new urban districts, we consider it important to make them liveable, social and sustainable. For me, this also closes the circle in terms of financing. Going forward, wind and solar installations, green power products, sustainable urban districts with advanced charging infrastructure for electric vehicles, distributed energy generation and energy storage will comprise building blocks of sustainable infrastructure, most of which we will implement with green finance. Yours,
Thomas Kusterer
Sustainable projects with sustainable finance
We invest the proceeds from our Green Bonds in offshore and onshore wind farms, solar and charging infrastructure for electric mobility.
Wind offshore
Our flagship offshore wind power projects: EnBW Hohe See and EnBW Albatros
The lion’s share – €990.6 million or 66% – of the €1.5 billion we have financed with our Green Bonds has been allocated to our two offshore wind power projects, EnBW Hohe See and EnBW Albatros. Built by EnBW with a combined capacity of 609 megawatts, the EnBW Hohe See and EnBW Albatros wind farms have been connected to the grid since October 2019 and January 2020 respectively. Theoretically, they produce sufficient green electricity to power all private households in a city the size of Munich.
Wind onshore
National and international growth with wind power
We have secured financing for onshore wind farms with €323.2 million from our Green Bonds. As well as numerous wind farms in Germany, these also include our newly acquired or constructed wind farms in Sweden. We plan further expansion in this renewable energy subsector and are looking here beyond the boundaries of our home state of Baden-Württemberg, and also beyond Germany.
Onshore wind farms financed with proceeds from our Green Bonds
Solar (PV)
Solar power on a large scale
€32.5 million from our Green Bonds went on financing various photovoltaic installations. A significant proportion of our energy will come in future from the sun. Accordingly, we are expanding in solar energy. This is the third pillar of the renewable energy sector alongside wind and hydropower and is a key part of the Energiewende. Our target is expansion to around 600 megawatts of solar by 2025. We mainly plan to build large-scale solar installations. An important milestone will be the Weesow-Wilmersdorf solar park in Brandenburg. We are planning to complete a 179 MW capacity solar park here in 2020 – without any subsidies under the German Renewable Energy Act.
Charging infrastructure
Expansion of charging infrastructure for electric mobility
€8.05 million in proceeds from the Green Bonds went into the expansion of rapid charging infrastructure. This has enabled us to set up 123 charging points in Germany’s autobahn network. Our target is 1,000 rapid charging locations throughout Germany by 2020. In the expansion of charging infrastructure, we are working in partnership with companies such as Shell, Euronics, hagebau and the Tank & Rask roadside services chain, for which we are installing high-capacity charging points.
Green Bond fund allocation: overview
Proceeds from the three Green Bonds were allocated to these projects.
Allocation Report
|
Project Category
|
Project name
|
Capital expenditure attributable to the bonds (€m, per category)
|
Installed capacity (MW)
|
Generation capacity attributable to the bonds (MW)
|
||
|---|---|---|---|---|---|---|
|
Capital expenditure attributable to the bonds (€m, per category)
XS1901055472
|
XS2035564975 & XS2035564629
XS2035564975 & XS2035564629
|
Generation capacity attributable to the bonds (MW)
XS1901055472
|
XS2035564975 & XS2035564629
XS2035564975 & XS2035564629
|
|||
|
Project Category
Offshore wind
|
Project name
Hohe See
|
Capital expenditure attributable to the bonds (€m, per category)
200.0
|
XS2035564975 & XS2035564629
622.7
|
Installed capacity (MW)
497.0³
|
Generation capacity attributable to the bonds (MW)
60.4
|
XS2035564975 & XS2035564629
188.1
|
|
Project name
Albatros
|
Capital expenditure attributable to the bonds (€m, per category)
27.5
|
XS2035564975 & XS2035564629
140.4
|
Installed capacity (MW)
112.0⁴
|
Generation capacity attributable to the bonds (MW)
9.2
|
XS2035564975 & XS2035564629
46.9
|
|
|
Project Category
Total offshore
|
Capital expenditure attributable to the bonds (€m, per category)
227.5
|
XS2035564975 & XS2035564629
763,1
|
Installed capacity (MW)
609.0
|
Generation capacity attributable to the bonds (MW)
69.6
|
XS2035564975 & XS2035564629
235.0
|
|
|
Project Category
Onshore wind locations in Germany
|
Project name
Fuerth
|
Installed capacity (MW)
16.5
|
Generation capacity attributable to the bonds (MW)
15.0
| |||
|
Project name
Freckenfeld
|
Installed capacity (MW)
19.8
|
Generation capacity attributable to the bonds (MW)
9.8
| ||||
|
Project name
Langenburg
|
Installed capacity (MW)
33.5
|
Generation capacity attributable to the bonds (MW)
28.9
|
XS2035564975 & XS2035564629
4.5
|
|||
|
Project name
Winterbach
|
Installed capacity (MW)
9.9
|
Generation capacity attributable to the bonds (MW)
4.8
| ||||
|
Project name
Aalen-Waldhausen
|
Installed capacity (MW)
16.5
|
Generation capacity attributable to the bonds (MW)
8.3
| ||||
|
Project name
Buchholz III
|
Installed capacity (MW)
13.2
|
Generation capacity attributable to the bonds (MW)
6.6
| ||||
|
Project name
Fichtenau
|
Installed capacity (MW)
9,9
|
Generation capacity attributable to the bonds (MW)
9,9
| ||||
|
Project name
Dünsbach
|
Installed capacity (MW)
9.9
|
Generation capacity attributable to the bonds (MW)
9.9
| ||||
|
Project name
Bühlertann
|
Installed capacity (MW)
13.2
|
Generation capacity attributable to the bonds (MW)
6.6
| ||||
|
Project name
Dienstweiler
|
Installed capacity (MW)
4.8
|
Generation capacity attributable to the bonds (MW)
2.4
| ||||
|
Project name
Homburg
|
Installed capacity (MW)
9.6
|
Generation capacity attributable to the bonds (MW)
9.6
| ||||
|
Project name
Hasel
|
Installed capacity (MW)
9.9
|
XS2035564975 & XS2035564629
4.9
|
||||
|
Project name
Brettenfeld
|
Installed capacity (MW)
6.6
|
XS2035564975 & XS2035564629
3.2
|
||||
|
Project name
Burgholz
|
Installed capacity (MW)
9.9
|
XS2035564975 & XS2035564629
5.0
|
||||
|
Project name
Rosenberg Süd
|
Installed capacity (MW)
6.6
|
XS2035564975 & XS2035564629
3.2
|
||||
|
Project name
Nonnweiler
|
Installed capacity (MW)
4.8
|
XS2035564975 & XS2035564629
2.4
|
||||
|
Project name
Rot am See II
|
Installed capacity (MW)
3.3
|
XS2035564975 & XS2035564629
3.3
|
||||
|
Project name
Prötzel I (under construction)
|
Installed capacity (MW)
9.0
|
XS2035564975 & XS2035564629
9.0
|
||||
|
Project name
Rot am See I
|
Installed capacity (MW)
9.9
|
XS2035564975 & XS2035564629
9.7
|
||||
|
Project name
Webenheim
|
Installed capacity (MW)
6.2
|
XS2035564975 & XS2035564629
3.1
|
||||
|
Project name
Boxberg-Angeltürn
|
Installed capacity (MW)
12.0
|
Generation capacity attributable to the bonds (MW)
10.6
| ||||
|
Project name
Boxberg-Bobstadt
|
Installed capacity (MW)
12.0
|
Generation capacity attributable to the bonds (MW)
10.6
| ||||
|
Project name
Harthäuser Wald (Erweiterung)
|
Installed capacity (MW)
12.0
|
Generation capacity attributable to the bonds (MW)
10.2
| ||||
|
Project name
Königheim
|
Installed capacity (MW)
8.9
|
Generation capacity attributable to the bonds (MW)
5.7
| ||||
|
Project Category
Onshore wind locations in Sweden
|
Project name
Röbergsfjället Vind
|
Installed capacity (MW)
16.0
|
XS2035564975 & XS2035564629
16.0
|
|||
|
Project name
Bliekevare Vind
|
Installed capacity (MW)
32.0
|
XS2035564975 & XS2035564629
32.0
|
||||
|
Project name
Säliträdberget Vind
|
Installed capacity (MW)
16.0
|
XS2035564975 & XS2035564629
16.0
|
||||
|
Project name
Hedbodberget Vind
|
Installed capacity (MW)
10.0
|
XS2035564975 & XS2035564629
10.0
|
||||
|
Project name
Granberg Vind
|
Installed capacity (MW)
10.0
|
XS2035564975 & XS2035564629
10.0
|
||||
|
Project name
Brahehus Vind
|
Installed capacity (MW)
11.5
|
XS2035564975 & XS2035564629
11.5
|
||||
|
Project name
Gnosjö Energie / Kulltorp
|
Installed capacity (MW)
10.0
|
XS2035564975 & XS2035564629
10.0
|
||||
|
Project Category
Total onshore
|
Capital expenditure attributable to the bonds (€m, per category)
233.3²
|
XS2035564975 & XS2035564629
132.0
|
Installed capacity (MW)
373.4
|
Generation capacity attributable to the bonds (MW)
143.9
|
XS2035564975 & XS2035564629
153.8
|
|
|
Project Category
Solar (PV)
|
Project name
Braunsbach-Zottish.
|
Installed capacity (MW)
0.8
|
Generation capacity attributable to the bonds (MW)
1.0
| |||
|
Project name
Berghülen
|
Installed capacity (MW)
2.7
|
Generation capacity attributable to the bonds (MW)
2.5
| ||||
|
Project name
Eggesin
|
Installed capacity (MW)
10.0
|
Generation capacity attributable to the bonds (MW)
7.9
| ||||
|
Project name
Tuningen
|
Installed capacity (MW)
4.5
|
Generation capacity attributable to the bonds (MW)
3.4
| ||||
|
Project name
Löffingen
|
Installed capacity (MW)
2.7
|
Generation capacity attributable to the bonds (MW)
2.1
| ||||
|
Project name
Ingoldingen
|
Installed capacity (MW)
4.4
|
Generation capacity attributable to the bonds (MW)
2.8
| ||||
|
Project name
Müssentin
|
Installed capacity (MW)
9.3
|
Generation capacity attributable to the bonds (MW)
6.1
| ||||
|
Project name
Torgau
|
Installed capacity (MW)
4.9
|
Generation capacity attributable to the bonds (MW)
3.1
| ||||
|
Project name
Riedlingen-Zwiefaltendorf
|
Installed capacity (MW)
2.7
|
Generation capacity attributable to the bonds (MW)
1.0
| ||||
|
Project name
Inzigkofen
|
Installed capacity (MW)
7.5
|
XS2035564975 & XS2035564629
6.7
|
||||
|
Project name
Leibertingen 2
|
Installed capacity (MW)
5.0
|
XS2035564975 & XS2035564629
5.0
|
||||
|
Project name
Birkenfeld
|
Installed capacity (MW)
5.8
|
XS2035564975 & XS2035564629
5.8
|
||||
|
Project name
Lindendorf
|
Installed capacity (MW)
6.9
|
XS2035564975 & XS2035564629
6.9
|
||||
|
Project Category
Total solar (PV)
|
Capital expenditure attributable to the bonds (€m, per category)
27.6²
|
XS2035564975 & XS2035564629
14.7
|
Installed capacity (MW)
66.9
|
Generation capacity attributable to the bonds (MW)
29.9
|
XS2035564975 & XS2035564629
24.3
|
|
|
Project Category
Expansion of fast charging infrastructure
|
Project name
123 charging points at 89 locations on the German autobahn network
|
Capital expenditure attributable to the bonds (€m, per category)
8.1
| ||||
|
Project Category
Not allocated
|
XS2035564975 & XS2035564629
86.8
| |||||
|
Project Category
Total
|
Capital expenditure attributable to the bonds (€m, per category)
496.4
|
XS2035564975 & XS2035564629
996.6
|
Generation capacity attributable to the bonds (MW)
243.4
|
XS2035564975 & XS2035564629
413.0
|
||
¹ Rounded figures
² Allocation of funds may differ from prior-year figure for reasons such as implemented investment models such as community investment
³ Taken into operation in phases during the second half of 2019
⁴ Taken into operation on 05/01/2020
As of 31/12/2019
Impact Report
The impact report shows avoided emissions from our projects or the number of charges at our e-mobility charging points.
|
Project category
|
Capital expenditure attributable to the bonds (€m, per category)¹
|
Generation capacity attributable to the bonds (MW)
|
Generated electricity attributable to the bonds (MWh) in 2019
|
Emissions avoided attributable to the bonds (tCO₂eq)
|
||||
|---|---|---|---|---|---|---|---|---|
|
Capital expenditure attributable to the bonds (€m, per category)¹
XS1901055472³
|
XS2035564975 & XS2035564629
XS2035564975 & XS2035564629
|
Generation capacity attributable to the bonds (MW)
XS1901055472
|
XS2035564975 & XS2035564629
XS2035564975 & XS2035564629
|
Emissions avoided attributable to the bonds (tCO₂eq)
XS1901055472
|
XS2035564975 & XS2035564629
XS2035564975 & XS2035564629
|
|||
|
Project category
Offshore wind
|
Capital expenditure attributable to the bonds (€m, per category)¹
227.5
|
XS2035564975 & XS2035564629
763.1
|
Generation capacity attributable to the bonds (MW)
69.6
|
XS2035564975 & XS2035564629
235.0
|
Generated electricity attributable to the bonds (MWh) in 2019
214,643
|
701
|
Emissions avoided attributable to the bonds (tCO₂eq)
36,580
|
XS2035564975 & XS2035564629
113,885
|
|
Project category
Onshore wind
|
Capital expenditure attributable to the bonds (€m, per category)¹
233.3
|
XS2035564975 & XS2035564629
132.0
|
Generation capacity attributable to the bonds (MW)
143.9
|
XS2035564975 & XS2035564629
153.8
|
Generated electricity attributable to the bonds (MWh) in 2019
662,927
|
693
|
Emissions avoided attributable to the bonds (tCO₂eq)
228,363
|
XS2035564975 & XS2035564629
231,046
|
|
Project category
Solar (PV)
|
Capital expenditure attributable to the bonds (€m, per category)¹
27.6
|
XS2035564975 & XS2035564629
14.7
|
Generation capacity attributable to the bonds (MW)
29.9
|
XS2035564975 & XS2035564629
24.3
|
Generated electricity attributable to the bonds (MWh) in 2019
44,371
|
627
|
Emissions avoided attributable to the bonds (tCO₂eq)
26,572
|
XS2035564975 & XS2035564629
1,249
|
|
Project category
Total
|
Capital expenditure attributable to the bonds (€m, per category)¹
488.4
|
XS2035564975 & XS2035564629
909.7
|
Generation capacity attributable to the bonds (MW)
243.4
|
XS2035564975 & XS2035564629
413.0
|
Generated electricity attributable to the bonds (MWh) in 2019
921,942
|
Emissions avoided attributable to the bonds (tCO₂eq)
291,515
|
XS2035564975 & XS2035564629
346,180
|
|
|
Project category
Not allocated⁴
|
XS2035564975 & XS2035564629
86.8
| |||||||
¹ Rounded figures
² Source: Umweltbundesamt (Federal Environment Agency): “Climate Change 37/2019: Emissionsbilanz erneuerbarer Energieträger, Bestimmung der vermiedenen Emissionen im Jahr 2018” (revised 30/11/2019)
³ Allocation of funds differs from prior-year figure for reasons such as implemented investment models such as community investment
⁴ Proceeds not yet allocated will be used according to the EnBW Green Financing Framework. EnBW is holding these in any form of cash, bank deposit or other form of available current financial assets. They will be allocated to eligible projects wihtin 2 years from issuance date.
As of 31/12/2019
|
Project category
|
Capital expenditure attributable to the bonds (€m)¹
|
Locations
|
Number of charges in 2019
|
|
|---|---|---|---|---|
|
Capital expenditure attributable to the bonds (€m)¹
XS1901055472
|
XS2035564975 & XS2035564629
XS2035564975 & XS2035564629
| |||
|
Project category
Expansion of fast charging infrastructure
|
Capital expenditure attributable to the bonds (€m)¹
8.1
|
XS2035564975 & XS2035564629
-
|
Locations
123 charging points at 89 locations on the German autobahn network
|
Number of charges in 2019
51,285
|
¹ Rounded figures
As of 31/12/2019
Green Financing Framework
In October 2018 we published our EnBW Green Financing Framework. This provides the basis on which we issue green financing instruments such as green bonds on the capital markets. Further information on the current Framework is available here.
Sustainable Development Goals (SDGs)
We support the United Nations Sustainable Development Goals, which were adopted by the international community in September 2015 together with the Agenda 2030 for Sustainable Development. Information on our contribution to the SDGs is available here.