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Windreich AG: The Windreich AG has secured financing for its offshore wind park 'Global Tech I' - The shift to renewable energies moves one step closer
ID: 510735
(firmenpresse) - Windreich AG / Key word(s): Energy/
Windreich AG: The Windreich AG has secured financing for its offshore
wind park 'Global Tech I' - The shift to renewable energies moves one
step closer
DGAP-Media / 31.10.2011 / 17:40
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Willi Balz, Chief Executive Officer of the Windreich AG, has announced that
the company has secured total project financing for its first offshore wind
park Global Tech I and emphasizes, 'With its 400 MW capacity, it is the
first offshore project worldwide to obtain financing which directly brings
the shift to renewable energies one step closer'.
By agreeing to finance Global Tech I, the banking community has sent a
strong signal in its belief that the Windreich AG will successfully realize
its offshore projects. Certainly this event will trigger strong interest
amongst investors and banks worldwide to partake in the developments in the
German North Sea. The Windreich AG has of course two further offshore wind
park projects already pending in order to cover anticipated demand.
Tim Kittelhake, a manager at Windreich AG and responsible for the Global
Tech I project, stated that, 'It took a lot of hard work, but it was
possible to fulfill all requirements in 2011 necessary for complete project
financing'. Approval to feed electricity into the Federal Network had
already been granted in 2009, and in the meantime, Windreich was able to
form several strategic partnerships. The wind turbines will be produced by
the Areva Wind GmbH, the Hochtief AG will be responsible for offshore
construction, and Alstrom Grid GmbH will deliver the transformer
substations.
The project also required a large amount of equity (EUR 700 Mio.) which the
Windreich AG was able to raise in 2008 and 2009 despite the financial
crisis.
The Windreich AG will also allow further investors to participate in a
range of up to 15% of Global Tech I.
The financing for this 400 MW undertaking was secured with over a dozen
commercial banks including the EIB as well as the KfW IPEX-Bank.
Willi Balz expressed his thanks to Branko Cepuran (EIB) as well as Peter
Schäfer and Peter Göpfert of the KfW. The project was also made possible
due to the improved financing conditions negotiated by Windreich's deputy
Chairman of the Board, Dr. Walter Döring.
Windreich's next offshore project, MEG I has already been listed among the
top 15 most promising offshore projects according to the Magazine
Wirtschaftswoche. The Deutsche Bank has been pre-selected to structure the
financing.
It is expected that financing will be somewhat easier to secure due to an
in-place EPC-Contract secured by Windreich's subsidiary company WKU AG. The
Tilke GmbH&Co. KG will take over the project management. Company-founder,
Hermann Tilke is the most well-known Formula 1 racetrack designer who has
built 7 of the 19 Formula 1 race tracks including nearby hotels, harbors,
and surrounding infrastructure. Just last week, Hermann Tilke handed-over
his most recent Formula 1 creation in India to its new owner. Having Tilke
involved streamlines the project management thereby bringing the needed
security for the involved insurance companies and financing banks.
Windreich's third offshore project, Deutsche Bucht is expected to receive
approval to feed electricity in the national grid.
According to an industry report, the Windreich AG has secured property
rights for over 35% of all possible offshore wind park projects in the
North Sea giving the company a key market advantage. The German North Sea
is recognized as the world's best location for offshore wind parks.
Windreich issued a corporate bond (WKN A1H3V3) on July 4, 2011 to secure
further financing for offshore projects. Of the EUR 75 Mio. issued, EUR 56
Mio. were allotted.
You can find further information at www.windreich.ag. Get in touch with
Tobias Aichele, manager for press and public relations, at the telephone
number +49 (0) 7022-953060 or email him at info(at)windreich.ag if you have
any questions. He will be glad to help you at any time.
End of Media Release
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144200 31.10.2011
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Datum: 31.10.2011 - 17:40 Uhr
Sprache: Deutsch
News-ID 510735
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