Windreich finds an investor for MEG 1

Tuesday, 7 April, 2015 - 10:30
GeoSea's jack-up vessel Innovation performing installation works at Westermost Rough. The company will also be involved in the construction of MEG 1. (Photo: DEME)
GeoSea's jack-up vessel Innovation performing installation works at Westermost Rough. The company will also be involved in the construction of MEG 1. (Photo: DEME)

The insolvent German project developer Windreich will be receiving some support with the development of the offshore wind farm MEG 1. DEME Concessions is getting in on the project.

DEME Concessions has entered into a partnership with Nordsee Offshore MEG 1 GmbH to co-develop the MEG 1 offshore wind farm in the German North Sea. This was announced by DEME in a press release. DEME will participate in the further development of the wind farm until financial closure. Afterwards, the company will be involved in the construction and maintenance of the wind farm as well as its long term funding.

For the insolvent project developer Windreich, the participation is a large step forward towards satisfying its creditors. The search for an investor for the project had been unsuccessful for several years. At the same time, MEG 1 is the only thing among Windreich's insolvency assets that might be preserved.

MEG 1 will be one of Germany's largest offshore wind farms and is located in the German Bight, approximately 45 km north of Borkum. The 400-MW project will be equipped with Areva turbines.

Katharina Garus

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