Germany

Germany

Updated: Windreich insolvency affects 15% of German pipeline

GERMANY: The insolvency of Windreich puts 2.6GW of offshore wind projects in German waters at risk, data from WPO Intelligence shows.

Windreich's Global Tech 1 project under development
Windreich's Global Tech 1 project under development

A failure to progress these projects would put a big dent in Germany's offshore ambitions with the wind farms accounting for 15% of the total 16.9GW in the country's offshore pipeline.

The developer filed for insolvency in September, leaving it with an active pipeline of eight projects due to come online anywhere between 2018 and 2030.


While the company is yet to complete an offshore project, it has more than twice as much capacity in its active German offshore pipeline than Dong.

Uncertainty surrounding the company's financial future means that, despite the company's continuing bullish pronouncements, all but the nearly complete 400MW Global Tech 1 project are at risk.

Windreich has been keen to stress that it still plans to push ahead with the 400MW MEG 1 project north, due online in 2018, and it has been granted an extension to the deadline for reaching financial close.

Insolvency administrator Holger Blume said that talks are ongoing to secure financing, but financial close is not "imminent", contradicting Windreich CEO, Werner Heer.

CORRECTION: This article previously claimed that the offshore projects Albatros, Gaia III, Gaia IV, Gaia V, Seawind III and Seawind IV are owned by Windreich. This is not the case. All are owned by Strabag SE (51%) and Norderland Group (49%). Windreich sold its 50 % stake in the projects in 2010 and only retains a right of first refusal for some of the projects. Albatros is not part of the deal. It has to be stated that those projects are not affected by the insolvency of Windreich at all. This meant the original article's claim that the insolvency could affect 30% rather than 15%, of the German pipeline is not correct.

Name

Capacity Country Online Developer
Austerngrund 400 Germany 2022 Windreich
Baltic Eagle 480 Germany 2030 Windreich
BightPower I 400 Germany 2022 Windreich
BightPower II 400 Germany 2022 Windreich
Global Tech I 400 Germany 2014 Windreich;Norderland Projekt GmbH
MEG 1 400 Germany 2018 Windreich
Ostseeperle 210 Germany 2021 Windreich
Ostseeschatz 315 Germany 2028 Windreich

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