Germany: Windreich Files for Insolvency
German wind energy developer, Windreich AG, filed for insolvency last week while the company’s CEO Willi Balz submitted his resignation yesterday.
Werner Heer has assumed the role of the new CEO.
With this step, Windreich tightened the course for the rehabilitation of the company. In cooperation with the previous management, Heer will focus in particular on the development and financing of the offshore project MEG I, the second Windreich’s 400-megawatt wind farm.
Heer said: “In talks with our investors it became clear that a change in management was a prerequisite for the successful continuation of talks.”
Offshore wind is the central component of the Germany’s energy transition. The MEG I wind farm is located in the German Bight, around 45 km north of Borkum.
The project obtained a network planning permission for which Tennnet has already installed a substation. The 800 MW converter platform ‘DolWin alpha’ is 42m wide, 62m long, and 42m high.
In the coming weeks Heer and the management will work out a restructuring plan and submit it to the interim administrator for review and then introduce it to the creditors and investors
Offshore WIND staff, September 10, 2013