Germany

Germany

More financing woes may hit German offshore projects

Question marks over Global Tech 1 and DanTysk after Stadtwerke München investment freeze

The Global Tech 1 and DanTysk offshore wind farms are not at risk from a dramatic decision by Stadtwerke München to freeze renewable energy investment, a Stadtwerke spokesman told Windpower Offshore today. But he could not say at this stage whether financing for the two projects would have to be renegotiated.

Munich's major municipal energy company has stakes in both offshore projects, which are under construction. It announced on Friday a freeze on its renewable energy projects that are not already under construction, following controversial "Energiewende" government proposals the previous week.

Federal environment minister Peter Altmaier and federal economy minister Philip Roesler proposed measures that, critics say, would negatively impact the financial viability of German offshore wind projects.

Stadtwerke München accuses the ministers of retrospectively changing a law that had provided the legal framework for renewable energy planning and investment decisions. A spokesperson for Axpo, a stakeholder in Global Tech 1, told Windpower Offshore today that "a reliable political framework is the essential basis for expansion of renewable energies". She said her company was "following the situation closely and preparing for various legal scenarios".

The largest stakeholders in Global Tech 1 are municipal energy companies Stadtwerke München and HSE (HEAG Südhessische Energie) with 24.9% each. Array cable installation is now underway at the 400MW development. The 288MW DanTysk project is owned by Vattenfall (51%) and Stadtwerke München (49%).

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