Germany

Germany

SüdWestStrom may abandon Bard Offshore 1 investment

Municipal energy firms seeking other renewable projects

A company set up by a group of German municipal energy companies with the purpose of acquiring 70% of the Bard Offshore 1 project from HVB/ Unikredit bank may be dissolved.

Stakeholders in the company SüdWestStromWindpark will meet on 20 November to decide, a company spokesman has confirmed to Windpower Offshore.

The company was set up in 2009, with an internal company decision taken in 2010 to pursue the idea of buying the 400MW project. Since then, negotiations have been ongoing and the offshore wind station is currently under construction, having been subject to significant delay.

HVB/Unikredit does not plan to sell the station until it is completed in 2014, but the municipal stakeholders involved in SüdWestStrom want to invest in renewable energy projects now. Abandoning plans to buy Bard Offshore 1 would free up funds for investment in new projects.

It is too early to know whether the SüdWestStrom investors might create a new company in late 2013/2014 with a view, once again, of acquiring a stake in Bard Offshore 1, added the spokesman.

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