Windreich files for bankruptcy

Wednesday, 11 September, 2013 - 10:00
Photo: dpa

As experts have feared for some time, Windreich GmbH is insolvent. The largest German offshore wind farm developer submitted an application for self-administered insolvency at the end of last week. Holger Blümle from the firm Schultze & Braun was appointed to be the provisional administrator. In addition, the company founder Willi Balz has resigned as a managing partner. Just two weeks ago, Balz had expressed optimism about the economic development of Windreich, despite the numbers being deeply in the red. The new - and for the time being the only - managing director of Windreich GmbH is Werner Heer. Heer had previously been an adviser to the company.

Balz's withdrawal is apparently closely linked to the financing of the MEG I offshore project, Windreich's second 400-MW wind farm. "During discussions with our investors, it became clear that a change in management was essential for the successful continuation of our discussions," Heer said. He wants to ensure that the MEG I project company remains as unaffected as possible by the restructuring of Windreich. During the coming weeks, a restructuring plan will be developed, submitted to the provisional administrator Blümle for review and then presented to creditors and investors.

MEG I will be built in the German Bight about 45 km north of Borkum. An unconditional commitment for grid connection and a building permit have been issued for the project. The substation has already been installed by TenneT. The turnkey construction of the wind farm will be carried out by a consortium consisting of Areva Wind and Hochtief as part of a general contractor agreement. As in the case of the Global Tech 1 wind farm, which has been under construction in the North Sea since the beginning of this year, MEG I is also mainly being financed by institutional investors. "We are nearing the finish line for this project, which will play an important role in the energy turnaround and provide job security in the coastal region. We will ensure that the MEG I project company remains unaffected by the Windreich restructuring measures," Heer said.

Bodo Höche

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