An international consortium has made a final investment decision to construct the He Dreiht offshore wind farm, a 960MW project off the German coast in the North Sea. On March 24, its developer EnBW announced it had sold a 49.9% stake in the project to Germany’s Allianz Capital Partners, Denmark’s AIP and Norway’s Norges Bank Investment Management.
In the statement announcing the news, EnBW described the project as “one of the largest energy transition projects in Europe” and highlighted that it is being financed without government subsidies.
The project has an investment cost of €2.4bn and is expected to come online by the end of 2025. It will generate enough electricity to power 1.1 million households.
Ford’s EV unit to post $3bn loss
The electric vehicle (EV) unit of Ford will make a $3bn loss this year, the US-based automaker said on March 23. Announcing its financial forecasts for 2023, the group said the contribution margin – or revenues minus variable costs – of its first-generation EVs is expected to approach break-even this year. But this will be offset by investments in new EV products and manufacturing capacity.
It follows a number of EV capital pledges made by Ford in recent weeks including a $3.5bn battery plant in Michigan, and a memorandum of understanding to build one of Europe’s biggest battery plants in Turkey.
Western Australian government seeks investors for $4bn worth of projects
The state government of Western Australia has published the details of A$6bn- ($4.08bn-) worth of projects for which it is seeking investors. On March 24, the government launched a new investment portal which promotes investment-ready projects valued at more than A$10m.
“We want to ensure our state is on the front foot to strengthen and diversify its economy, whether it’s in critical minerals, hydrogen, advanced manufacturing, life sciences or some other emerging industry,” said Chris Rodwell, Chamber of Commerce and Industry WA chief, in the government statement announcing the portal.
The resource-rich state is positioning itself as a leader in the green transition by leveraging its green hydrogen and green steel potential.
And finally: China has released from detention Chen Datong, the head of Hua Capital and a top chip investor, to help bolster its semiconductor industry, according to the Financial Times.