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Introduction:
1.1 Motivation and objective of thesis:
According to the German government the future German energy mix shall be mainly based on renewable energy sources. Offshore wind energy plays a key role in this new energy strategy and is expected to provide the major share of renewable energy to be produced in Germany in the future. Nevertheless, the German offshore wind energy sector has developed much slower than expected, despite considerable supporting efforts taken by the government. Compared to other European countries, there is only little installed offshore wind energy capacity available in Germany today, but the German legislator's medium-term growth targets for this industry are enormous.
In this context, the following two questions are to be asked: Does the German government turn a blind eye to the contradictory development just mentioned and/or is there reason for hope that the German offshore wind energy sector will accelerate and grow much stronger in the future?
The purpose of this thesis is to describe the general conditions applicable in Germany, which a project developer or potential investor has to consider when planning an offshore wind park (OWP) in the German exclusive economic zone (EEZ). Furthermore, it analyses specific challenges related to the realisation of such kind of projects, identifies existing problems, and outlines possible solutions where appropriate. In doing so, the following chapters will mainly focus on the political environment for the offshore wind energy industry in Germany, the relevant legal framework applicable when realising an OWP, as well as on the bankability challenges a project developer might be exposed to when trying to secure a debt financing for an OWP project in Germany.
Apart from giving a theoretical overview about the main subjects referred to above, this thesis also tries to address recent developments one can observe in practice. Hence, personal interviews have been conducted with experienced practitioners to get a better picture of the current market situation in general and possible future developments, as well as to get a practical insight into the mandatory OWP approval process and the recent perceptions and sentiments of banks involved in the financing of OWP in Germany.
1.2 Structure of thesis:
The following Section 2 contains definitions of some key terms used throughout this thesis. Subsequently, a brief illustration of the European and German offshore wind energy market is given to get a better idea of how Germany is currently positioned in this field among its peers.
From an OWP investors' point of view, a stable and supporting political environment considerably reduces the political risks related to such kind of projects, which is usually an important pre-condition for major investments in this field. Section 3 deals with the political environment OWP project developers or investors are exposed to in Germany and particularly focuses on Germany's offshore wind energy strategy as well as on the German government's recently introduced new energy concept, which is mainly based on renewable energy sources.
In addition, a wise OWP project developer should also be familiar with all relevant legal statutes when planning an OWP and consider all important legal aspects in his project plan accordingly. Section 4 discusses the legal framework applicable in Germany when intending to realise an OWP in the German EEZ. The main focus is laid on the Renewable Energies Act, RE-Act (Erneuerbare-Energien-Gesetz, EEG) and the wind energy priority areas in both the North and the Baltic Sea, which have been defined by the legislator in the course of its spatial planning. Subsequently, this section outlines the mandatory approval process necessary for the realisation of an OWP project, containing, inter alia, references to the relevant legal statutes and a detailed description of each individual approval phase.
The investment volume for a German OWP can easily amount to EUR 1 billion (bn) or more and thus normally requires also a sufficient amount of debt to be injected into the project. Hence, it is also of utmost relevance for an OWP project developer to be very well aware what has to be done to arrange for a project structure which is bankable at the end, in order to be able to secure the debt financing needed. Section 5 addresses bankability issues related to the realisation of an OWP in the German EEZ and contains an evaluation of the banks' main financing challenges, an outline of applicable banking standards for OWP projects to be considered by the project developer to secure a successful project placement, as well as a brief description of some peculiarities one should be aware of when it comes to granting or taking collateral over assets located in the German EEZ.
Finally, Section 6 concludes with a summary of the main outcomes and results developed throughout this work.
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