Windreich AG says it has secured project financing for Global Tech I, the company's first offshore wind farm.
The financing for the 400 MW project was secured with over a dozen commercial banks, including Branko Cepuran (EIB) and the KfW IPEX-Bank.
The wind project was also made possible due to the improved financing conditions negotiated by Windreich's deputy chairman of the board, Dr. Walter Doring, the company explains.
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 Areva Wind GmbH, Hochtief AG will be responsible for offshore construction and Alstrom Grid GmbH will deliver the transformer substations.
The project also required 700 million euros in equity, which Windreich AG says it was able to raise in 2008 and 2009, despite the financial crisis. Windreich AG will also allow further investors to participate in up to 15% of Global Tech I.