Wind Energy Pioneer Willi Balz paves way for Windreich’s reorganization
Wolfschlugen, 09 September 2013
Willi Balz, chief executive of Windreich GmbH in Wolfschlugen near Stuttgart has withdrawn from the management of Windreich GmbH with immediate effect. Werner Herr steps in as acting chief executive of Windreich GmbH. Herr worked previously as an adviser to the Company.
With his withdrawal, founder of Windreich, Balz paves way for a successful completion of the advanced state of negotiations on funding for offshore wind farm MEG 1. At the end of last week, the company filed for bankruptcy in self-administration at the District Court of Esslingen. Holger Blümle of the firm Schultze & Braun has been appointed administrators.
In cooperation with the previous management, Herr will focus on the development and financing of the 400MW offshore project MEG I in particular, which is close to completion of financing. Heer said: “The application ensures the continuation of business operations, to bring the MEG I project to a successful conclusion.”
Offshore wind is the building block of the German energy transition. The MEG I wind farm is built in the German Bight at a distance of about 45 km north of Borkum. The project already has an unconditional grid connection confirmation and building permission. TenneT has already erected the substation. The construction of wind farms is carried out turnkey basis by a consortium consisting of Areva Wind and HOCHTIEF under a general contractor contract. Similar to the wind farm Global Tech I, which is built in the North Sea since the beginning of this year, also MEG I is mainly financed by institutional investors. “We are moving down the stretch for the energy transition and job security. We will now ensure that the project company MEG I of remains unaffected by Windreich’s reorganization”.
Management will work out a restructuring plan in the coming weeks and submit this to the provisional administrator for review and then imagine the creditors and investors.