We are financing the energy transition

During the past year we were active around the world – after all, regardless of where in the world the generation of electricity from renewable sources is being expanded, the global climate benefits.

• Opening up new spaces: Offshore wind farms on fixed foundations are only technically feasible and commercially viable up to a certain water depth – but the use of floating offshore wind farms will open up deeper waters. This presents an opportunity to expand wind power to a much greater degree and accelerate the decarbonisation of energy generation worldwide. By financing the Leucate floating offshore wind farm in the French Mediterranean we are supporting one of the first pioneering wind projects for this emerging technology.
• A greener Big Apple: A 339-mile long 1.25-GW capacity transmission line will soon provide New York City with “green” electricity from existing Canadian hydropower plants. The project, co-financed by KfW IPEX-Bank, will meet around 20 per cent of New York City’s electricity needs, save around 3.9 million tonnes of CO2 annually and reduce local air pollution by 20 per cent, as the transmission line will replace thermal power plants as the primary source of local power generation for New York City.
• Ensuring security of supply: Belgium is phasing out the use of nuclear energy to generate power, with the exit scheduled to take place by 2035. The Belgium government anticipates a supply shortfall of 3.6 GW (base load). Luminus, a new, highly efficient base load gas-fired power plant with installed capacity of 870 MW, which has been co-financed by KfW IPEX-Bank, should help to offset this deficit. At the same time, the use of renewable energy sources will also be increased.
• 750,000 households: To produce this much energy, the Golden Plains wind farm in Australia needs 228 turbines, enabling the total installed capacity of Australia’s largest wind farm to reach 1.3 GW. In addition, there are plans to install a battery storage system with a capacity of 300 MW, which is intended to contribute to the flexibility and stability of the grid.