MVV acquires insolvent wind developer

GERMANY: Germany's only stock-exchange-listed municipal energy company, MVV Energie, is acquiring troubled wind project developer Windwärts on 1 October.

The companies would not divulge the purchase price.

The managing directors will be Lothar Schulze, founder of Windwärts, and Björn Wenzlaff, who is already manging director of MVV subsidiary MVV Windenergie.

MVV Energie chairman Georg Müller said: "We now cover the complete value chain from project development to wind station operation to electricity marketing, and also combine renewables and conventional energy generation as pillars of the future energy system under one roof."

There had been speculation in the press in recent weeks that Baden-Württemberg-based MVV Energie was poised to acquire stakes in Juwi, another German renewables developer.

Windwärts, founded in 1994 and based in Hanover, Lower Saxony, has developed and installed 144 wind turbines and 40 photovoltaic plants. The firm slid into insolvency in May 2014 after delays encountered with wind energy projects and high start-up costs in foreign markets, said MVV Energie.

Restructuring began at the end of 2013 already, involving shedding jobs and closing its photovoltaic business division as well as project development in Italy and Windwärts now employs 90 people, it added.