Borkum Riffgrund 2
First German offshore wind farm with 8 MW turbines and suction bucket jacket foundations. Ørsted (formerly DONG Energy) took the build decision in June 2016 under Germany's EEG 2014 market premium.
Status
Operationallifecycle stage
Ownership
Location
GermanyNorth Sea
Technology
Capacity
450 MW ◆
Turbines
56 × 8 MW ◆
Model
Mhi Vestas V164 8-0 ◆
Foundation
Jacket+Monopile ◆
Site & conditions
Site rights
Seabed rights held ∴
Origination
DONG Energy · 2011 ◆
Water depth
24–28 m ≈
Distance from shore
57 km ◆
Wind speed
9.8 m/s @ 100 m ≈
Revenue & grid
Offtake
Premium ◆
Grid
Secured · 2018-Q3 ◆
Connection
TenneT DolWin3 (DolWin gamma) HVDC (320kV cable to Dorpen/West) ◆
Schedule
FID
24 Jun 2016 ◆
COD
Dec 2018 ◆
Project timeline & ownership verified milestones on the spine · ownership from Hafrok’s transactions record
Origination · 2011-12
Party of record at origination
- Awarded to
- DONG Energy
- Holder
- PNE2 Riff II GmbH
- Basis
- permit / concession holder
Permit holder: PNE2 Riff II GmbH — held by DONG Energy per the record's source 'dong-pne-borkum-riffgrund-buyout-2009'. BSH Planfeststellungsbeschluss Borkum Riffgrund 2, 5 Oct 2016, reciting the history: Genehmigungsbescheid vom 30.12.2011; 'Am 23.01.2012 wurde die Änderung der Firma von PNE2 Riff II GmbH mit Sitz in Cuxhaven zu DONG Energy Borkum Riffgrund II GmbH mit Sitz in Hamburg in das Handelsregister … eingetragen.' — PNE's SPV held the permit at origination; the PNE → DONG transfer is not yet a recorded deal. Owner: DONG bought PNE's 50% of Borkum Riffgrund 2 in December 2009, two years BEFORE the 30.12.2011 permit — so the permit-holding SPV PNE2 Riff II GmbH was DONG's at grant (renamed DONG Energy Borkum Riffgrund II GmbH 23.01.2012). No recorded deal: the 2009 buy-out predates the origination station.
From the auction results — the round that created the project.
Farmdown · 2017-08
Ørsted → GIP 50%
- Stake
- 50%
- Consideration
- not disclosed
- Announced
- 2017-08
- Closed
- 2017-12
- Project stage
- under construction
Ørsted sold 50% to GIP for total consideration ~EUR 1,170m. However, headline includes both equity purchase price AND GIP's commitment to fund 50% of remaining EPC payments. Announced 7 August 2017; financial close December 2017. Commissioned 2019. Ørsted retained 50% and operational control. EUR 1,170 million', payable 2017-2019.
Evidence
From Hafrok’s transactions record
Secondary trade · 2020-07
GIP → Gulf Energy Development 50%
- Stake
- 50%
- Consideration
- €548m
- Implied 100% value
- €1,096m
- Implied
- €2.44m / MW
- Basis
- Price for the equity
- Announced
- 2020-07
- Closed
- 2020-09
- Project stage
- operational
Gulf International Holding, a subsidiary of Thailand-listed Gulf Energy Development, bought all the shares of Borkum Riffgrund 2 Investor Holding from GIP; that company holds 50% of the operational wind farm and Ørsted holds the other 50%. Gulf's exchange filing gives the price as approximately EUR 548-558 million, subject to closing adjustments; the lower end is shown here. Announced July 2020, completed September 2020.
Evidence
- offshoreWIND.biz — Thai Company Takes 50% Stake in Borkum Riffgrund 2 ↗ 2020-07 ◆ held
- Gulf Energy Development (SET announcement) — Gulf Energy Development: Investment in offshore wind power plant with an installed capacity of 464.8 megawatts in Germany (SET) ↗ 2020-07-07 ◆ held
- Keppel Infrastructure Trust (SGX announcement) — KIT - proposed acquisition of 50.01% of Borkum Riffgrund 2 Investor Holding GmbH ↗ 2022-08-12 ◆ held
- Scope Ratings — Scope Ratings - Borkum Riffgrund 2 Investor Holding GmbH rating report (Feb 2022) ↗ 2022-02-07 ◆ held
- Bundesanzeiger — Borkum Riffgrund 2 Investor Holding GmbH, Frankfurt am Main (AG Frankfurt am Main HRB 110515) - Jahresabschluss zum 31. Dezember 2019, V. 08.03.2021 ↗ 2021-03-08 ◆ held
- Bundesanzeiger — Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG, Norden (AG Aurich HRA 202470) - Jahresabschluss zum 31. Dezember 2019, V. 04.02.2021 ↗ 2021-02-04 ◆ held
From Hafrok’s transactions record
Secondary trade · 2022-08
Gulf Energy Development → Keppel Corporation / Keppel Infrastructure Trust 25%
- Stake
- 25%
- Consideration
- €305m
- Implied 100% value
- €1,220m
- Implied
- €2.71m / MW
- Basis
- Price for the equity
- Announced
- 2022-08
- Closed
- 2022-12
- Project stage
- operational
Gulf Energy sold ~25% of BRG2 to Keppel Corporation and Keppel Infrastructure Trust for EUR 305m. Gulf divested 50% of its SPV (BKR2 Investor Holding), resulting in Keppel acquiring effective ~25% of wind farm. Post-transaction: Ørsted 50%, Gulf 25%, Keppel ~25%. Announced August 2022, completed Q4 2022.
Evidence
- keppel.com — Keppel Corporation and Keppel Infrastructure Trust to jointly invest in German offshore wind farm ↗ 2022-08 ◆ held
- Keppel Infrastructure Trust (SGX announcement) — KIT - proposed acquisition of 50.01% of Borkum Riffgrund 2 Investor Holding GmbH ↗ 2022-08-12 ◆ held
- Scope Ratings — Scope Ratings - Borkum Riffgrund 2 Investor Holding GmbH rating report (Feb 2022) ↗ 2022-02-07 ◆ held
- Scope Ratings — Scope Ratings - Borkum Riffgrund 2 Investor Holding GmbH rating report (Feb 2023) ↗ 2023-02-13 ◆ held
- Bundesanzeiger — Borkum Riffgrund 2 Investor Holding GmbH, Frankfurt am Main (AG Frankfurt am Main HRB 110515) - Jahresabschluss zum 31. Dezember 2021, V. 01.02.2023 ↗ 2023-02-01 ◆ held
- Bundesanzeiger — Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG, Norden (AG Aurich HRA 202470) - Jahresabschluss zum 31. Dezember 2021, V. 04.04.2023 ↗ 2023-04-04 ◆ held
From Hafrok’s transactions record
Dashed tick marks today (13 Oct 2026). The teal diamond on the spine is origination — the seabed award or round that created the project. Every other ownership event lives in the band below: one station per recorded deal, dated at its label, in deal order rather than to calendar scale. Secondary trades appear only at the interchanges; grey lines are parties whose entry or exit Hafrok’s record does not hold.
Announced-COD history: 2019-H1→2019 · 2 recorded revisions · held within the year (first announced 2019-H1, latest 2019)
Revenue & offtake the regime the project was built under
Offtake regime on record
RegimeThe farm company's accounts state that all output is sold by direct marketing under the EEG to claim the market premium (every filing held: FY2019 and FY2021 to FY2024), with revenue from power sales, the market premium and EEG compensation payments. The FY2022 accounts add that in months when the market value of offshore wind exceeded the guaranteed tariff, the company kept the higher spot price.
Instrumentmarket premium
A built project sells its power under the contract or support regime it was financed with; it is not expected to bid into new government offtake rounds. Where the record does not yet name that regime, the row says so rather than guessing.
Installation how the build is going · from sourced statements and Hafrok’s registers
Installation complete
Installation · on record
StageOperational
In operation since2018-12
Offshore construction2018 → 2018-12
Construction ports
PortEemshaven ◆·marshalling · quay 5000 m · crane 50 t · draft 14 m
Grid connection
from Hafrok’s substation, converter and cable registers
Offshore platforms · 2
Offshore substationBorkum Riffgrund 2 Offshore Substation·in service 2018 · owner Ørsted / Global Infrastructure Partners (50/50 wind farm owners; farm-owned platform)
HVDC systemDolWin3·900 MW · ±320 kV · in service 2018-Q3 · shared with Merkur Offshore
Converter supplierGE Vernova (contracted as Alstom Grid; became GE Grid Solutions / GE Grid GmbH)·DolWin3 · Nordic Yards, Warnemünde (Germany) — first steel cut 9 October 2014 · for TenneT
Grid connection · ready in time?
when each part of the grid connection is due, against the start date the developer states (black line) · a bar spans the whole year, quarter or month the source gives
installed or in serviceexpected deliveryearlier date that was later moved
Sources & verification
Rests on 19 sources (17 primary) · ◆ 12 documents held
◆Verified≈Modelled◇Sourced∴Inferred⌁Convention○Unverified∅No source·Derived
Numbers are stable citation ids — grouped by source class, so they are not consecutive.
Regulator2
[1]
Bundesamt für Seeschifffahrt und Hydrographie (BSH)2016-10-05◆ Planfeststellungsbeschluss Offshore-Wind…
“Az.: 5111/Borkum Riffgrund 2/PFV/M5310 Hambu rg, den 05.10.2016 [...] (1) 56 (sechsundfünfzig) Windenergieanlagen (im Fol genden WEA) mit folgenden Parametern: [...] Gründungsstrukturen: 36 Monopiles …”
supportsConsentTurbinesTotal capacityFoundationStatus+2 more
[21]
Bundesnetzagentur — Marktstammdatenregister2026-08-23◆ Marktstammdatenregister (MaStR) offshore…
“Park row "Borkum Riffgrund 2": 56 units, 464.8 MW gross, statuses {'In Betrieb': 56}, operators ['Borkum Riffgrund 2 Offshore Wind Farm GmbH ＆ Co. oHG'], commissioned 2018-08-04..2018-11-08, planned N…”
supportsRegister entry
Operator10
[2]
Ørsted A/S2015-06-10◆ MHI Vestas Offshore Wind’s V164-8.0MW tu…
“MHI Vestas Offshore Wind has been chosen by DONG Energy as preferred supplier for the proposed delivery of the V164-8.0MW wind turbine for the Borkum Riffgrund 2 Offshore Wind Farm in Germany … Borkum…”
supportsModelUnit capacityTotal capacityDistance from shore
[3]
Ørsted A/S2015-08-24◆ DONG Energy signs agreement with MHI Ves…
“DONG Energy … and MHI Vestas Offshore Wind have signed an agreement covering the delivery of the V164-8.0MW wind turbine to the Borkum Riffgrund 2 Offshore Wind Farm in Germany … Borkum Riffgrund 2 ha…”
supportsModelUnit capacityTotal capacityStatusConnection point+1 more
[4]
Ørsted A/S2016-06-24◆ DONG Energy to build German offshore win…
"DONG Energy has decided to build the German offshore wind farm Borkum Riffgrund 2 … Borkum Riffgrund 2 will have a total export capacity of 450MW, and will feature the largest wind turbines in German…
supportsFinal investment decisionTurbinesModelUnit capacityTotal capacity
[8]
Keppel Corporation2022-08-12◆ Keppel Corporation and Keppel Infrastruc…
"BKR2 operates under the German EEG 2014 market premium mechanism, which has an attractive Feed-in-Tariff and guaranteed floor price till 2038 … fully operational since 2019 … operating capacity of ap…
supportsCommercial operationMechanismDetail
[13]
[18]
Ørsted A/S2017-08◆ DONG Energy divests 50% of Borkum Riffgr…
“DONG Energy has entered into an agreement to sell 50% of Borkum Riffgrund 2, a 450 megawatt (MW) German offshore wind farm project, to Global Infrastructure Partners (GIP). Borkum Riffgrund 2 is curre…”
supportsCOD history
[19]
Ørsted A/S2018◆ Orsted — orsted annual report 2018
“In 2018, we reached significant milestones in our ambitious green strategy. … and in Germany, we commissioned Borkum Riffgrund 2 in December. All were commissioned ahead of schedule …”
supportsCommercial operation
[22]
Bundesanzeiger2023-04-04◆ Borkum Riffgrund 2 Offshore Wind Farm Gm…
“Entwicklung des Anlagevermögens zum 31. Dezember 2021 ... Anschaffungskosten 01.01.2021 € Zugänge € Umbuchungen Umgliederung Abgänge € 31.12.2021 € A. Anlagevermögen I. Sachanlagen 1. Technische Anlag…”
supportsMechanismDetail
[23]
Unternehmensregister2024-03-15◆ Borkum Riffgrund 2 Offshore Wind Farm Gm…
“Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG (im Folgenden auch "Gesellschaft" genannt) ist zum Bilanzstichtag 31. Dezember 2022 eine offene Handelsgesellschaft im Sinne des § 264a HGB und unt…”
supportsMechanismDetail
[25]
Unternehmensregister2026-02-04◆ Borkum Riffgrund 2 Offshore Wind Farm Gm…
“Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG (im Folgenden auch "Gesellschaft" genannt) ist zum Bilanzstichtag 31. Dezember 2024 eine offene Handelsgesellschaft im Sinne des § 264a HGB und unt…”
supportsMechanismDetail
OEM1
[11]
Vestas (MHI Vestas Offshore Wind)2018-09-03◆ MHI Vestas Installs Final Turbine at Bor…
“Aarhus, September 3, 2018 [...] MHI Vestas Offshore Wind is celebrating the successful installation of the 56th and final turbine today at Borkum Riffgrund 2, 57 km off the northwest coast of Germany.…”
supportsOffshore constructionSite rightsTurbinesModelUnit capacity+1 more
Trade press6
[9]
Offshore Wind Biz2018-08-06
Press report — cited, not quoted; read it at the source link.
supportsFirst powerTurbinesUnit capacityTotal capacityFoundation+2 more
[10]
[14]
offshoreWIND.biz2022-08
Press report — cited, not quoted; read it at the source link.
supportsoperatorowner
[15]
[16]
[17]