He Dreiht
Winner of the first competitive German offshore auction (Bundesnetzagentur, 2017) with a subsidy-free zero bid.
Status
Under Constructionlifecycle stage
DeliveringHafrok completion outlook
Ownership
EnBW — 50.1% ◆ACAllianz Capital Partners — 16.6% ◆
AMAIP Management — 16.6% ◆
Norges Bank Investment Management — 16.6% ◆Location
GermanyNorth Sea
Technology
Capacity
960 MW ◆
Turbines
64 × 15 MW ◆
Model
Vestas V236 15-0 ◆
Foundation
Monopile ◆
Site & conditions
Site rights
Seabed rights held ∴
Origination
BNetzA Offshore Wind Auction 2017 (transitional) · 2017 ·
Water depth
37.7–40.6 m ◆
Distance from shore
90 km ◆
Wind speed
10.3 m/s @ 150 m ≈
Revenue & grid
Offtake
PPA ◆
Grid
Secured · Apr 2017 ◆
Connection
BorWin5 HVDC converter platform (TenneT), 900 MW grid … ◆
Schedule
FID
Mar 2023 ◆
COD · announced
2026-H2 ◆
COD · Hafrok
2026 expected
Delivery outlook modelled by Hafrok · calibrated on delivered projects
2026
expected year of commercial operation
Chance of delivery
≈98%
estimated chance this project reaches commercial operation
Under Construction projects complete ≈97% of the time on Hafrok's record. A secured offtake contract lifts this one slightly; its size and technical complexity pull a little the other way.
COD outlook
If it completes, when — Hafrok’s probability by year (teal) · the developer’s COD guidance, by date stated (ink)
| Year | Probability |
|---|---|
| 2025 | 1.3% |
| 2026 (expected) | 75.4% |
| 2027 | 21.7% |
| 2028 | 1.6% |
| Stated | Announced COD |
|---|---|
| 2023-03-23 | 2025 |
| 2026-01-21 | 2026 |
| 2026-06 | 2026-H2 |
How Hafrok got this date
1
Starting point: the last dated milestone
Construction start in
2024. From there Hafrok adds how long similar projects (in established offshore-wind markets) took to reach commercial operation, measured on projects that have delivered.2
Typical timing
Starting point plus the typical remaining time gives a middle estimate of
2025 Q3; the faster quarter of similar projects would be done by 2024 Q4, the slower quarter not until 2026 Q3. Dates already in the past are moved up to today — this project has run beyond the typical timing.3
Result
Expected commercial operation
2026, likely range 2025–2027 (the middle half of outcomes for similar projects). The developer's announced date falls inside that likely range, so the announced date is adopted.4
Year-by-year chart
The bars spread that estimate across years using how similar projects actually slipped against their dates — more often late than early, which is why the bars lean right.
5
Chance of delivery — separate from timing
Start from the share of Under Construction projects that went on to complete — ≈97%, measured on Hafrok's record of delivered and abandoned projects, with an allowance held back where that record cannot yet speak (projects still unresolved, changed market conditions). Based on the measured record — all 257 construction starts with a final outcome reached operation — adjusted down for projects still mid-build and for legal-challenge risk. Then adjust for this project's own evidence — offtake, market, size, technical complexity — to ≈98%, which rates it
Delivering on Hafrok's four-step delivery scale (Delivering · Expected · Prospective · Fragile).Project timeline & ownership verified milestones on the spine · ownership from Hafrok’s transactions record
Origination · 2017-04
BNetzA Offshore Wind Auction 2017 (transitional)
- Awarded to
- EnBW Energie Baden-Württemberg
- Basis
- integrated tender
From the auction results — the round that created the project.
Farmdown · 2023-03
EnBW → NBIM / Allianz Capital Partners / AIP Management 49.9%
- Stake
- 49.9%
- Consideration
- not disclosed
- Announced
- 2023-03
- Closed
- 2023-09
- Project stage
- FID
EnBW sold 49.9% of He Dreiht at FID to a consortium of NBIM, Allianz Capital Partners and AIP Management, 16.6% each; EnBW retained 50.1%. NBIM said it would pay approximately EUR 430 million for its 16.6% interest and its share of the wind farm's capital expenditure, valuing the project at approximately EUR 2.6 billion. Allianz and AIP did not disclose what they paid, so no total is recorded for the consortium.
Evidence
- allianzcapitalpartners.com — Allianz to invest in 960MW offshore wind farm He Dreiht in the German North Sea ↗ 2023-03 ◆ held
- NBIM — New investment in renewable energy infrastructure | Norges Bank Investment Management ↗ 2023-03 ◆ 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: slipped so far +1.2 yr (first announced 2025) · the full guidance history is in the delivery chart above
Revenue & offtake zero-bid award · bilateral offtake
Auction won at €0.00/MWh — no state price support
Award€0.00/MWh ◆
RoundBNetzA Offshore Wind Auction 2017 (transitional) · Apr 2017
Awarded capacity900 MW
The award carries no state price support — revenue rests on bilaterally contracted offtake. Corporate PPA contracts are not yet recorded as structured data; the Revenue & offtake rows carry what the record's sources state.
Installation how the build is going · from sourced statements and Hafrok’s registers
Installation under way
Installation · on record
StageUnder Construction
Offshore constructionstarted 2024-05
Turbinesnot reportedshown when the developer reports a dated count
Commissioned58 of 6491% · as of 2026-10-13 · official register (Germany's Marktstammdatenregister) · commissioning follows installation, so at least this many turbines stand
Expected start of operation2026-H2
Construction ports
PortEemshaven ◆·Marshalling / turbine staging · quay 5000 m · crane 50 t · draft 14 m
PortEsbjerg ◆·Component import (turbine arrival) · quay 10000 m · crane 300 t · draft 15 m
PortBremerhaven ◆·Staging · quay 4930 m · draft 12.8 m
Grid connection
from Hafrok’s substation, converter and cable registers
Offshore platforms · 1
HVDC systemBorWin5·900 MW · ±320 kV · in service 2025
Export & onshore
Export cableBorWin5 Export Cable·HVDC subsea · 230 km · NKT · to Garrel/Ost (onshore converter)
Onshore connectionGarrel/Ost Converter Station (BorWin5)·320 DC / 380 AC kV
Converter supplierSiemens Energy·BorWin5 · Dragados Offshore · 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) and the year Hafrok expects (teal band) · 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 14 sources (16 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 fuer Seeschifffahrt und Hydrographie (BSH)2022-12-20◆ Planfeststellungsbeschluss Offshore-Wind…
“Az: 5111/EnBW He Dreiht/PFV Hamburg, den 20.12.2022 [...] vorgelegte Plan für die Errichtung und den Betrieb des Offshore -Windenergieparks (im Folgenden: OWP) „ EnBW He Dreiht “ in der ausschließlich…”
supportsConsentTurbinesUnit capacityFoundationCoordinates+2 more
[22]
Bundesnetzagentur — Marktstammdatenregister2026-08-23◆ Marktstammdatenregister (MaStR) offshore…
“Park row "EnBW He Dreiht": 64 units, 960.0 MW gross, statuses {'In Betrieb': 49, 'In Planung': 15}, operators ['EnBW He Dreiht GmbH ＆ Co. KG'], commissioned 2025-11-25..2026-07-15, planned 2025-12-01.…”
supportsRegister entry
Operator8
[2]
EnBW2023-03-23◆ Way cleared for 960 MW offshore wind far…
“Final investment decision made / 960-megawatt major project to be realized without state subsidies as one of the world’s first zero-cent bids in an offshore auction [...] Yesterday's final investment …”
supportsoperatorFinal investment decision
[3]
EnBW◆ EnBW wind farm He Dreiht | EnBW
“By summer 2026, all 64 wind turbines are scheduled to go onstream, with an installed capacity of 960 MW. The wind farm is located around 90 kilometers northwest of the island of Borkum and 110 kilomet…”
supportsTurbinesModelUnit capacityTotal capacityFoundation+9 more
[6]
EnBW2024◆ EnBW has installed all 64 foundations of…
“A significant milestone has been reached in the construction of He Dreiht, currently Germany’s largest offshore wind farm: EnBW has installed all 64 foundations in the North Sea as scheduled. Heerema’…”
supportsOffshore constructionThialf — foundation installation
[8]
EnBW2026-01-21◆ EnBW He Dreiht wind farm reaches importa…
“32 wind turbines, each with an output of 15 megawatts (MW), built in the North Sea / Commissioning due for completion by summer [...] EnBW is celebrating an important construction milestone for the He…”
supportsCommercial operation
[14]
Heerema Marine Contractors2024-05-25
"This week, Heerema's SSCV Thialf successfully installed the first three monopile foundations and transition pieces at EnBW's He Dreiht offshore wind farm." ... "A further 61 monopiles and transition …
supportsOffshore construction
[16]
EnBW Energie Baden-Württemberg AG2026-03◆ EnBW Integrated Annual Report 2025
“At the end of November 2025, the first kilowatt-hours of power from the first wind turbine flowed into the grid. In January 2026, we reached the halfway stage with 32 of 64 wind turbines installed. ..…”
supportsCommercial operation
[17]
Cadeler2026-08-12◆ Cadeler installs final turbine at he dre…
“Copenhagen, 12 August 2026 – Cadeler has completed the final turbine installation at the 960 MW He Dreiht Offshore Wind Farm in the German North Sea. The final turbines were installed by Wind Keeper, …”
supportsWind Orca — turbine installationWind Keeper — turbine installation
[18]
Financier1
[13]
European Pensions2023
"Each will pay approximately EUR 430m for a 16.6 per cent ownership interest" — NBIM, Allianz Capital Partners and AIP Management jointly acquire 49.9% of He Dreiht; "EnBW will remain co-owner and ope…
supportsfinancial_investor
OEM1
[10]
Vestas2023-09-29◆ He Dreiht 960 MW firm order PR
“Vestas has secured a 960 MW firm order for the flagship offshore wind turbine V236-15.0 MW.”
supportsTurbinesModelUnit capacity
Trade press2
[9]
offshoreWIND.biz2025-11-26
Press report — cited, not quoted; read it at the source link.
supportsFirst power
[15]