EnBW Baltic 2
Located 32km north of Rugen island.
Status
Operationallifecycle stage
Ownership
EnBW Energie Baden-Württemberg AG — 50.1% ◆
Vårgrønn — 27.4% ◆RWÄrzteversorgung Westfalen-Lippe (AVWL) — 22.5% ◆
Location
GermanyBaltic Sea
Technology
Capacity
288 MW ◆
Turbines
80 × 3.6 MW ◆
Model
Siemens Swt 3-6-120 ◆
Foundation
Jacket+Monopile ◆
Site & conditions
Site rights
Seabed rights held ∴
Origination
wpd offshore GmbH · 2005 ◆
Water depth
23–44 m ◆
Distance from shore
32 km ◆
Wind speed
9.7 m/s @ 100 m ≈
Revenue & grid
Offtake
Premium ◆
Grid
Secured · 21 Sep 2015 ◆
Connection
Bentwisch substation near Rostock (50Hertz, 150kV AC, ~120km … ◆
Schedule
FID
Jan 2013 ◆
COD
21 Sep 2015 ◆
Project timeline & ownership verified milestones on the spine · ownership from Hafrok’s transactions record
Origination · 2005-04
Party of record at origination
- Awarded to
- wpd offshore GmbH
- Holder
- Offshore Ostsee Wind AG
- Basis
- permit / concession holder
Permit holder: Offshore Ostsee Wind AG — held by wpd offshore GmbH per the record's source 'wpd-eos-oow-sale-to-enbw-2008'. BSH Genehmigungsbescheid (Kriegers Flak / Baltic 2), 6 Apr 2005 — 'Auf den Antrag der Offshore Ostsee Wind AG, Seestraße 71a, 18211 Börgerende … vom 11.05.2001 in der Fassung vom 30.08.2004 werden … genehmigt.' EnBW's acquisition (2008) is not yet a recorded deal. Owner: the 2008 sale names Offshore Ostsee Wind AG a wpd offshore GmbH subsidiary; the owner is as of the FIRST held document (13 May 2008), not asserted for the 2005 grant.
From the auction results — the round that created the project.
Acquisition · 2008-05-13
wpd offshore GmbH → EnBW 100%
- Stake
- 100%
- Consideration
- not disclosed
- Announced
- 2008-05-13
- Project stage
- early development
Price undisclosed. Written 2026-08-19.
Evidence
- wpd AG (via windbranche.de press service) — wpd sichert Realisierung erster Offshore-Vorhaben ↗ 2008-05-13 ◆ held
From Hafrok’s transactions record
Farmdown · 2015-01
EnBW → Macquarie 49.89%
- Stake
- 49.89%
- Consideration
- €720m
- Implied 100% value
- €1,443m
- Implied
- €5.01m / MW
- Basis
- Basis not stated by the source
- Announced
- 2015-01
- Closed
- 2015-03
- Project stage
- under construction
EnBW sold 49.89% to Macquarie Capital for EUR 720m. Deal announced January 2015 when project had 34 of 80 turbines installed (under construction). Full commissioning September 2015. EUR 720m described as "purchase price for the shares" but unclear if equity-only or includes project debt assumption. Implies 100% equity ~EUR 1,443m, EUR 5,011/MW — well above UC high end (EUR 3.6M). Project had EEG feed-in tariff (pre-2017). Early institutional offshore wind deal in Germany with limited deal flow, which may explain the premium. Equity/EV ambiguity flagged by critic.
Evidence
From Hafrok’s transactions record
Secondary trade · 2015-06
Macquarie → PGGM Infrastructure Fund 27.4%
- Stake
- 27.4%
- Consideration
- not disclosed
- Announced
- 2015-06
- Closed
- 2015-09
- Project stage
- operational
Macquarie on-sold 27.4% to PGGM Infrastructure Fund. Consideration undisclosed. Macquarie placed balance (~22.5%) with Arzteversorgung Westfalen-Lippe (AVWL).
Evidence
From Hafrok’s transactions record
Secondary trade · 2015-Q3
Macquarie → Ärzteversorgung Westfalen-Lippe (AVWL) 22.5%
- Stake
- 22.5%
- Consideration
- not disclosed
- Announced
- 2015-Q3
- Project stage
- operational
ÄVWL's own article (2016): "Die Ärzteversorgung Westfalen-Lippe hat sich in einem Konsortium gemeinsam mit Macquarie Capital und PGGM, dem größten niederländischen Pensionsfonds, am Projekt beteiligt" — the placement of the balance of Macquarie's 49.89% after PGGM's 27.4% (previous row), dated 2015-Q3: Macquarie's shares were to transfer after regulatory approval and full commissioning (Sept 2015; see the Jan-2015 row), and the placement to ÄVWL sits with that transfer (ÄVWL states no date). ÄVWL states no percentage; 22.5 = 49.89 − 27.4, and matches the 22.5% ÄVWL is stated to hold at the 2024 Vårgrønn entry (next row: "Post-close: EnBW 50.1%, Vårgrønn 27.4%, AVWL 22.5%"). Consideration undisclosed.
Evidence
From Hafrok’s transactions record
Secondary trade · 2024-11
PGGM Infrastructure Fund → Vargronn 27.4%
- Stake
- 27.4%
- Consideration
- not disclosed
- Announced
- 2024-11
- Closed
- 2025-01
- Project stage
- operational
PGGM sold 27.4% to Vargronn (Eni Plenitude / HitecVision JV). Consideration undisclosed. Post-close: EnBW 50.1%, Vargronn 27.4%, AVWL 22.5%.
Evidence
- vargronn.com ↗
- offshoreWIND.biz — Vårgrønn Debuts in German Offshore Wind Market with Baltic 2 Acquisition ↗ 2024-11 ◆ 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.
Revenue & offtake the regime the project was built under
Offtake regime on record
RegimeThe farm company's accounts for 2019, 2021, 2023 and 2024 each state that it sold its output by direct marketing under the EEG market premium model, through a power supply contract with EnBW AG that pays it a fixed, risk-free remuneration for this. Under the compressed model it received 19.4 ct/kWh for 8 years, ending during 2023, then 15.4 ct/kWh for an extension that depends on each turbine's water depth and distance from shore, then the 3.9 ct/kWh base tariff or market prices. The first turbines moved to 3.9 ct/kWh from June 2024; about 40% of the turbines leave 15.4 ct/kWh by the end of 2025.
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 since2015-09-21
Offshore construction2013-08 → 2015-09-21
Construction ports
PortRostock ◆·installation · quay 11000 m
Grid connection
from Hafrok’s substation, converter and cable registers
Offshore platforms · 1
Offshore substationEnBW Baltic 2 offshore substation·33/155 (export at 150) kV · in service 2015 · owner EnBW Baltic 2 GmbH (wind farm owner) — farm-owned platform; the export cable to shore is operated by 50Hertz Transmission
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 12 sources (12 primary) · ◆ 10 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)2005-04-06◆ Genehmigungsbescheid Offshore-Windpark E…
“Hamburg, den 06.04.2005 Genehmigungsbescheid Auf den Antrag der Offshore Ostsee Wind AG, Seestraße 71a, 18211 Börgerende [...] vom 11.05.2001 in der Fassung vom 30.08.2004 werden [...] Schifffahrtsdir…”
supportsConsentCoordinatesConsent granted
[11]
Bundesnetzagentur — Marktstammdatenregister2026-08-23◆ Marktstammdatenregister (MaStR) offshore…
“Park row "Baltic 2": 80 units, 302.4 MW gross, statuses {'In Betrieb': 80}, operators ['EnBW Baltic 2 GmbH ＆ Co. KG'], commissioned 2015-04-24..2015-07-15, planned None..None.”
supportsRegister entry
Operator6
[2]
EnBW Energie Baden-Württemberg AG2025-09◆ EnBW Baltic 2 | EnBW
“The second EnBW wind farm was officially placed into operation on 21 September 2015. [...] Location: Baltic Sea, 32 km north of the island of Rügen [...] Wind turbines: 80 Siemens SWT-3.6-120 Foundati…”
supportsFirst powerCommercial operationTurbinesModelUnit capacity+4 more
[6]
Vårgrønn2025-01-08◆ Vårgrønn completes acquisition of Baltic…
“Vårgrønn completes acquisition of Baltic 2 offshore wind farm January 8, 2025 [...] With all necessary approvals received and all conditions fulfilled, Vårgrønn has now completed the acquisition. The …”
supportsoperatorinvestor
[8]
50Hertz Transmission GmbH2025◆ Baltic 2
“Since September 2015, another offshore wind farm (OWF) has been producing renewable energy in the Baltic Sea: EnBW's Baltic 2 wind farm. [...] Cable length off/ onshore approx. 120 km / 16 km Onshore …”
supportsStatusConnection point
[12]
Bundesanzeiger2019-12-31◆ EnBW Baltic 2 GmbH & Co. KG, Biberach an…
“Nach 8 Jahren endet im Laufe des Jahres 2023 für den Offshore Windpark Baltic 2 die Vergütung nach Stauchungsmodell (19,4 ct/kWh) gemäß EEG. Abhängig von Küstenentfernung und Wassertiefe verlängert si…”
supportsMechanismDetail
[14]
Unternehmensregister2024-11-25◆ EnBW Baltic 2 GmbH & Co. KG, Biberach an…
“hat ihren Sitz in Biberach an der Riß und ist eingetragen im Handelsregister des Amtsgerichts Ulm (HRA 726219).”
supportsMechanismDetail
[15]
Unternehmensregister2026-01-27◆ EnBW Baltic 2 GmbH & Co. KG, Biberach an…
“hat ihren Sitz in Biberach an der Riß und ist eingetragen im Handelsregister des Amtsgerichts Ulm (HRA 726219).”
supportsMechanismDetail
Financier1
[3]
European Investment Bank (EIB)2013-01-10◆ Germany: Offshore wind power: EIB financ…
“10 January 2013 [...] The European Investment Bank (EIB) has granted a loan of € 500 million to the largest offshore wind farm to date in the German Baltic Sea; EnBW Baltic 2. The project is being rea…”
supportsFinal investment decision
Trade press3
[4]
Offshore Wind Biz2013-08-20◆ Construction Starts on EnBW Baltic 2 OWF…
Press report — cited, not quoted; read it at the source link.
supportsOffshore constructionSite rightsinstallation
[7]
International Energy Agency (IEA)2012-01
“EEG 2012 offshore wind: initial tariff EUR Cent 15/kWh [...] tariff degression would not begin until 2018, with an annual reduction rate of 7%.”
supportsMechanismDetail
[9]