German Developer Focuses on Completion of BARD Offshore 1

German Developer Focuses on Completion of BARD Offshore 1

The divestiture of Germany’s offshore pioneer BARD has yet to be completed as planned. The reasons for this include a persistently difficult market environment, technological challenges and the high level of complexity involved in the pioneering project BARD Offshore 1.

The full divestiture of the BARD Group as a turn-key provider for offshore wind farms will remain an option. However, the partial sell-off of individual corporate divisions is no longer being ruled out.

The BARD Group will now focus on the completion of BARD Offshore 1, the first commercial offshore wind farm in the German North Sea. BARD Offshore 1, located around 100 kilometres off the island shore of Borkum, is due to be fully commissioned by the turn of the year 2013/2014. Funding is guaranteed for the project that includes 80 turbines providing a nominal capacity of 400 megawatt.

This new strategic focus has also effected a change in the executive management. Michael Baur (43) has been appointed new Chairman of the Executive Board of BARD Holding GmbH with effect from July 1, 2012. The Managing Director of the business consulting firm AlixPartners (Munich) has been closely monitoring the BARD Group for 18 months and has a well-founded knowledge of the company.

The current CEO Bernd Ranneberg (50) will be leaving the company at his own request and on the best of terms. Beginning in early 2011 BARD completed a profound process of change under his leadership. Ranneberg was responsible for ensuring the existence and the further development of BARD and for stabilizing and professionalizing the company. This laid the foundation for the investor process.

Michael Baur says, “Our top priority now is to complete BARD Offshore 1. This is our reference project in an industry of the future that is of major importance to the German economy. We are carrying out pioneering work on the high seas to bring about an energy turnaround.”

The BARD Group is currently in the process of constructing “BARD Offshore 1”, the first commercial offshore wind farm in the German North Sea. The 80 turbines planned for installation will provide a nominal capacity of 400 megawatt. The group of companies covers virtually the entire value chain in the field of power generation from offshore wind energy. The company based in the locations Emden, Cuxhaven and Bremen employs a workforce of around 1000 employees.

[mappress]

Offshore WIND staff, June 13, 2012; Image: bard-offshore

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