The announcement was made by managing director Willi Balz on 6 June.
A construction permit for the project was granted in August 2009, and installation is due to begin in early 2013, with an initial 8-turbine cluster.
MEG1 will be located 45km north west of the North Sea island of Borkum within a 40km² area, where water depths range from 29-31m.
Under Germany's feed-in tariff, the electricity will command payments of €0.19/kWh for the first 8 years and €0.15/kWh for the subsequent 1.75 years before dropping to the basic rate of €3.5/kWh for the remaining 10.25 years up to the 20 years of guaranteed payments. Alternatively, the electricity can be sold directly to the electricity market.