BalWin5 is a new 2.2 GW offshore high-voltage direct current (HVDC) grid connection that will transmit electricity from offshore windfarms in the German North Sea to the onshore transmission network in Germany. It is the fourth project awarded to the GE Vernova-Seatrium consortium under the five-year collaboration agreement with TenneT announced in March 2023. Seatrium will design and construct the offshore converter platform and manage its transportation and installation in the German North Sea.
In their research notes issued on Dec 12, DBS Group Research and CGS International (CGSI) reiterate their “buy” call for Seatrium with TP of $2.96 and $2.67 respectively, after the company announced the previous day that it had bagged a contract with partner GE Vernova to deliver a “major part” of the BalWin5 offshore wind project.
With BalWin5, Seatrium’s contract wins for the year crossed the $4 billion mark. Both DBS and CGSI estimate the size of the new contract to be around $2 billion.
