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 · 2017-04 ◆
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 |
|---|---|
| 2026 (expected) | 86.7% |
| 2027 | 13.3% |
| 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
2026; the faster quarter of similar projects would be done by 2025, the slower quarter not until 2027.3
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
- €1,290m
- Implied 100% value
- €2,585m
- Implied
- €2.69m / MW
- Announced
- 2023-03
- Closed
- 2023-09
- Project stage
- FID
EnBW sold 49.9% to three-way consortium at FID. Each acquired 16.6%: NBIM (EUR 430m), Allianz Capital Partners (EUR 430m), AIP Management (EUR 430m). Total EUR 1.29bn. Total project investment ~EUR 2.4bn; EUR 1.29bn for 49.9% is ~54% of total cost, slightly above proportional capex share (49.9% = EUR 1.20bn). The ~EUR 100m premium over proportional share may represent development fee. Borderline equity/capex classification; treated as equity-only given the premium element and that each party's EUR 430m is described as "equity investment." EnBW retained 50.1%. Operational end 2025.
Evidence
- allianzcapitalpartners.com — Allianz to invest in 960MW offshore wind farm He Dreiht in the German North Sea ↗ 2023-03 ◆ held
From Hafrok’s transactions record
Dashed tick marks today (9 Sep 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 satellite counts and Hafrok’s registers
Satellite installation tracker
counted from satellite radar images · a structure standing in the sea on a given date, not a turbine producing power · a guide, not a sourced fact
Installation · counted from satellite
Foundations64 of 64≈100% · first seen 2024-05-22
Turbines64 of 64≈100% · first seen 2024-04-04
Latest count2026-08-31from 423 satellite passes · 1 substation platform left out so the counts compare with the turbine number · anything first seen in the last 60 days is not yet confirmed
Hafrok counts foundations and turbines from satellite radar images (≈): a structure is counted once it is seen standing in the sea, which is not the same as producing power. A structure first seen in the last 60 days is not yet confirmed, because on a single image a freshly set foundation and a ship holding position look alike. Substation platforms are left out so the counts compare with the number of turbines. Rows marked with a dot (·) come from Hafrok’s own registers; a supplier or contract appears only where a source states it — everything else reads “not recorded”, never guessed.
Structures standing over time · count
strong line = confirmed · light line = seen in the last 60 days, not yet confirmed · the chart counts every structure (64 turbines + 1 platform); the table counts turbines only
foundationsturbines up (a substation top being set in place counts here too)
Satellite image
Image taken2026-09-06≈Copernicus Sentinel-1 radar satellite, southbound pass
Farm covered100%≈the whole farm lies inside the image
Structures ringed65 confirmed · 0 not yet confirmed≈as counted on 2026-08-31 · the image is newer than the count, so a bright spot without a ring may be a structure not yet counted
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
Contains modified Copernicus Sentinel data 2026, processed by ESA and by Microsoft Planetary Computer.
Latest satellite radar image · 2026-09-06
a radar picture, not a photograph: the sea is dark, steel is bright · black is beyond the edge of the image
confirmed structure (65)seen recently, not yet confirmed (0)probably a substation platform (a larger structure than a turbine; the register above has the facts)farm boundary
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
18/19 fields verified · rests on 14 sources (13 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◆ He Dreiht Planfeststellungsbeschluss (BS…
"Der Planfeststellungsbeschluss umfasst 64 Windenergieanlagen (im Folgenden: WEA) ... Rotordurchmesser: 236 m ... Nennleistung je WEA: 15 MW ... Gruendungsstruktur: Monopile ... Durchmesser Gruendungs…
supportsConsentTurbinesUnit capacityFoundationDistance from shore+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…
"Yesterday's final investment decision clears the way for the start of construction." EnBW retains 50.1%; "sale of a minority stake of 49.9 percent to a consortium consisting of Allianz Capital Partne…
supportsoperatorFinal investment decision
[3]
EnBW◆ EnBW wind farm He Dreiht | EnBW
"960 MW of installed output" with "64 wind turbines" using "Vestas V236-15 turbines, each capable of generating an output of 15 MW." "Located around 90 kilometers northwest of the island of Borkum and…
supportsTurbinesModelUnit capacityTotal capacityFoundation+9 more
[6]
EnBW2024◆ EnBW has installed all 64 foundations of…
"All 64 foundations are in place." "Heerema's 'Thialf', one of the world's largest floating cranes, drove the monopile foundations into the sea bed within approx. three months." "The 70-meter-long ste…
supportsOffshore constructionThialf — foundation installation
[8]
EnBW2026-01-21◆ EnBW He Dreiht wind farm reaches importa…
“EnBW confirmed 32 of the planned 64 V236 turbines installed - the halfway point. ... EnBW plans to build and commission all wind turbines by the summer of 2026. ... [sub-headline] 32 wind turbines, ea…”
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]