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Germany

Germany

Umweltkontor Renewable Energy acquires 100% of offshore development company

German wind and renewables developer Umweltkontor Renewable Energy has acquired 100% of the company that is developing its planned Adlergrund offshore station in the Baltic Sea. Umweltkontor formed the company, Offshore Windpower Projektentwicklung (OWP), as a joint venture with financiers Penta Group in 2000 to develop the wind farm. By buying back the 47% of OWP owned by Penta, Umweltkontor hopes to speed up development. Perhaps more significantly, the company says the move will improve the project's standing to clinch strategic partnerships in the construction phase and in negotiations with potential investors.

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