Windreich bond issue to raise €75m

GERMANY: German offshore wind-energy developer Windreich announced the issue of a €75-million, five-year corporate bond on 29 June 2011, carrying interest of 6.5%. The funds are to finance the continuing development of the company's substantial offshore wind-energy activities in the German North Sea.

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Windreich said it had secured options in about 50% of all project companies that are involved in permitting procedures in the German North Sea and has thereby secured 50% of the areas prioritised for building offshore wind farms in the German-exclusive economic zone. In all, the company owns, part-owns or has co-operation agreements in 23 offshore projects, almost all of which have a slated capacity of 400MW each, adding up to a portfolio of over 8GW.

The projects Global Tech 1 (8.05% Windreich owned), MEG 1 (100% Windreich owned) and German Bight (100% Windreich owned) have building permits, the first two being due online at the end of 2012 and 2013 respectively. German Bight is targeted for commissioning in mid-2014. The Austerngrund project (100% Windreich owned) is at an advanced stage of the permitting process and is expected to be commissioned in 2015.

In the medium term, the company foresees advancing one 400MW offshore project per year to the point of permitting. Once the required network-connection commitment from the relevant transmission system operator has been granted, the project will be sold.

Windreich (formerly FC Holding) subsidiaries were founded in 2009 and will offer turnkey construction and operational management of offshore wind farms in German waters.

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