Germany

Germany

Windreich pushes ahead with 400MW MEG 1

GERMANY: Struggling developer Windreich has announced to bondholders it is pushing ahead with its 400MW MEG 1 project north of the island of Borkum in the North Sea.

Windreich's MEG 1 9,000 ton converter platform DolWin alpha
Windreich's MEG 1 9,000 ton converter platform DolWin alpha

In a letter to Windreich bondholders the company’s new CEO, Werner Heer, stated it is "working intensively on pushing ahead with [the] 400MW MEG 1 project, in order to harvest the fruits of years of preliminary investments." Windreich filed for insolvency on 5 September with the local court in Esslingen.

Windreich reported in August that it had so far invested EUR 119 million in the project and "constructive talks" have recently been held with suppliers, potential investors and the banks involved.

Heer said: "We are pleased by the constructive feedback which we got from our most important partners in developing our second 400MW offshore wind farm.

"Talks so far clearly show that all parties are willing to pull in the same direction going forward. This encourages us to do our utmost to bring this project to a successful close."

Windreich intends to bring MEG 1, which is likely to feature 80 Areva Multibrid M5000-116 5MW turbines, to financial close by the end of this year.

In September, Willi Balz stepped down as managing director to open the way for "successful completion of the already advanced financing talks on offshore wind station MEG 1".

Heer said, "Talks with investors made it clear that a change in management was a precondition for successful continuation of talks."

MEG 1’s construction permit was granted in 2009 and the HVDC converter station, DolWin alpha, was installed at the end of August by Tennet.

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