Offshore wind park

    We are financing the energy transition and sustainable environmental projects

    We have been financing innovative energy and environmental projects for many years. With our focus on future technologies, we enable a sustainable and stable energy supply and efficient solutions in the water and waste disposal industries both locally and worldwide. We act in concert with the government and industry to increase our resilience by financing projects that are ecologically necessary, economically smart and strategically important for our future.

    Our achievements during 2023

    During the past year we were active around the world, because no matter where in the world renewable energy production is expanded, energy efficiency is increased or investments are made in environmental protection measures, this has a positive impact on the global climate and the environment.

    • Green energy off Borkum: As part of a German banking consortium, KfW IPEX-Bank is financing the “He Dreiht” offshore wind farm 90 km north-west of the North Sea island of Borkum. Commissioning of the EUR 2.4 billion project is planned for 2025. From then on, the wind farm with 64 wind turbines from the Danish manufacturer Vestas will have a total output of 960 MW and supply electricity to more than one million households.
    • Green hydrogen: The production of large quantities of “green” hydrogen plays a key role in global decarbonisation and the transformation towards climate neutrality. The world’s largest green hydrogen production plant is currently being built in Oxagon, Saudi Arabia. Once completed, the plant will produce the intermediate product green ammonia on an industrial scale with an unprecedented annual output of 1.2 million tonnes. Core components of the plant are electrolysers from the German manufacturer thyssenkrupp nucera. Around USD 6.1 billion of the overall investment volume of more than USD 8.4 billion is being provided as debt capital by a consortium of 23 international and regional banks and Saudi sovereign wealth funds. KfW IPEX-Bank played a leading role in helping to finance this forward-looking project.
    • Mega wind: Once built, SunZia Wind and Transmission will be the largest onshore wind project coupled with a transmission line in the Western Hemisphere. KfW IPEX-Bank is playing a leading role in the financing arrangements, with construction and long-term loans for the project totalling USD 8.8 billion. After it is completed in 2026, SunZia will supply up to three million people in the USA with clean energy from its 900 wind turbines. An 880 km ±525 kV high-voltage direct current transmission line will carry the generated electricity from the wind-rich regions of the Midwest to high demand centres in Arizona and California. The project is an important milestone towards the US government’s goal of carbon-free electricity generation by 2035.
    • There’s no water in the desert – or is there? By financing the construction and operation of a seawater desalination plant and the laying of an approximately 160 km long pipeline in Chile’s Atacama Desert, KfW IPEX-Bank is enabling the supply of water for expansion of copper mines belonging to the state-owned company Corporación Nacional del Cobre de Chile; copper is a key raw material for the energy transition. This will noticeably reduce pressure on scarce local groundwater reserves. Moreover, the system will be entirely powered by renewable energy.
    • Polish première: KfW IPEX-Bank is participating in an international banking consortium to finance Poland’s first offshore wind farm. “Baltic Power” is being built approximately 23 km off Poland’s Baltic coast. From 2026, with a total capacity of 1.1 GW, the wind farm will supply "green" energy to around 1.5 million households. As well as financing offshore wind farms in Germany, Belgium, France, the United Kingdom, the United States and Taiwan, KfW IPEX-Bank is thus now also active in Eastern Europe.
    • Think globally, act locally: The modernisation of Hamburg’s heating network is an essential component of the city’s heating transition. KfW IPEX-Bank is supporting this project by financing the construction of a new district heating pipeline with a length of almost 8 km, running partly under the River Elbe. This will enable Hamburger Energiewerke to replace the current district heating supply from the Wedel coal-fired power plant with various generating plants by 2025.

    Financing cases 2023

    Our plans for 2024

    Going forward, KfW IPEX-Bank will continue to focus on financing energy transition, heating transition and environmental projects, in order to actively shape them working hand in hand with its customers. Our aim is to work together to create security of supply, markedly increase the share of renewable energies in the global energy mix and drive forward new energy technologies.

    Portrait Peter Purkl

    Contact: Peter Purkl,
    Global Head of Energy

    KfW IPEX-Bank
    Palmengartenstraße 5-9
    60325 Frankfurt am Main
    Phone:+49 (0) 69 74 31-2917

    Legal notice:

    The information contained in this online Annual Report 2023 is based on KfW IPEX-Bank’s Management Report 2023, which you can download here. Should this online Annual Report 2023, despite the great care taken in preparation of its content, contain any contradictions or errors compared to the Management Report, KfW IPEX-Bank’s Management Report 2023 takes priority.