EnBW held its Capital Markets Day in Hamburg on 16 October 2019.
In the first presentation of the event, CFO Thomas Kusterer spoke about EnBW’s corporate and finance strategy. The transformation phase of the 2020 Strategy, focusing on expansion in renewable energies and grids, is on the home straight. In the form of Valeco and Plusnet, EnBW has already made two growth acquisitions this year in renewables and smart customer infrastructure. These are already contributing to the strategy’s ongoing implementation through to 2025, in which EnBW is evolving into a sustainable and innovative infrastructure partner. Financing needs will increase during the growth phase with investment of some €12 billion between 2021 and 2025. This means that the company will actively manage its financial headroom against debt repayment capacity. EnBW is sticking to its conservative financial policy and hence to the objective of a solid investment grade rating.
In the second presentation, Dirk Güsewell, Head of Generation Portfolio Development at EnBW, began by reporting on highlights in the renewable energy business during 2019. Güsewell then provided a detailed look at Valeco, which is a French onshore wind and solar installation developer and operator. Valeco has a well-filled project pipeline totalling 1,700 MW. A management team from the two companies is working closely together in the post-merger integration process. EnBW is also making good progress in the solar business. Construction of Germany’s biggest solar farm, the 180 MW Weesow-Willmersdorf project in Brandenburg, is a sealed deal. With a large volume of onshore wind projects in the pipeline in Germany, EnBW expects to be able to implement its organic growth there going forward. An important aspect in light of this is the selective internationalisation that the company has set in motion. This has already led to successful entry into the onshore wind sector in France and Sweden. Offshore wind projects are to follow in Taiwan and the USA.
The concluding presentation saw Dr. Hannah König, Head of Wind and Maritime Technology, review EnBW’s offshore wind activities. In a combined project totalling 610 MW, EnBW has completed the Hohe See and Albatros wind farms that are scheduled to be hooked up to the grid before the end of 2019. Meanwhile, preparations are underway for the next offshore wind project, He Dreiht. The final investment decision is planned for mid-2023. With some 900 MW, He Dreiht will be the largest of the wind farms and is planned to go into operation by the end of 2025. Its location in direct proximity to Hohe See and Albatros will enable major synergies at the operating stage. EnBW submitted a zero bid for He Dreiht in 2017. This will make it the first wind farm in Germany to do without state subsidies. At the same time, EnBW is working in a joint venture with Trident Winds on development of the 650-1000 MW Morro Bay offshore wind project off the central Californian coast. This involves the development of floating foundation technology, enabling offshore wind turbines to be operated at greater depths and take advantage of even better wind conditions.