EnBW
About
A German utility based in Karlsruhe, whose two major shareholders, the state of Baden-Württemberg and OEW, an association of districts, each hold 47% through their investment companies. That gives it public ownership without national government control. It reports in three segments: Sustainable Generation Infrastructure (renewable and conventional generation, plus trading), System Critical Infrastructure (electricity and gas grids) and Smart Infrastructure for Customers (retail energy sales). In offshore wind it was an early builder in the German Baltic, putting EnBW Baltic 1 into operation in 2011, before moving to the North Sea, where it built He Dreiht without state funding and partners hold 49.9% of the Hohe See and He Dreiht companies. In the UK it is developing Morven in Scotland with JERA Nex bp, having dropped Mona and Morgan in January 2026 when neither won a Contract for Difference.
Outlook
as of 2026-10Portfolio
8 held + 1 exited · live stages first, exits lastCapacity is net of ownership stake: a 50% JV counts half. Gross exposure (full nameplate of every project held): 7.34 GW.
| Project | Country | Stage | MW | Stake | Net MW |
|---|---|---|---|---|---|
| Hohe See↓ farmed down | Germany | Operational | 522 | 50.1% | 262 |
| EnBW Baltic 2↓ farmed down | Germany | Operational | 288 | 50.1% | 144 |
| Albatros | Germany | Operational | 118 | 50.1% | 59 |
| EnBW Baltic 1 | Germany | Operational | 48 | 50% | 24 |
| He Dreiht↓ farmed down | Germany | Under Construction | 960 | 50.1% | 481 |
| Morven (North & South) | United Kingdom | Early Development | 2900 | 50% | 1450 |
| N-12.3 | Germany | Early Development | 1000 | 100% | 1000 |
| Morgan | United Kingdom | On Hold | 1500 | 50% | 750 |
| Mona | United Kingdom | Divested 2026-01 | 1500 | 50% sold | — |
Divested & farmed down
every recorded sale by this developer · newest first| Announced | Project / portfolio | Type | Stake sold | €m | Buyer |
|---|---|---|---|---|---|
| 2026-01 | Mona | acquisition | 50% | — | JERA Nex bp |
| 2023-03 | He Dreiht | farmdown | 49.9% | — | NBIM / Allianz Capital Partners / AIP Management |
| 2017-02 | Hohe See | farmdown | 49.9% | — | Enbridge |
| 2015-01 | EnBW Baltic 2 | farmdown | 49.89% | 720 | Macquarie |
Ownership history comes from the transaction database; the portfolio above is the current snapshot only. "Joint" stakes are the consortium total (per-seller split not disclosed) and are excluded from the stake-weighted GW figure.
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