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German EWE increases Alpha Ventus share
1 January 2009
Energy company EWE has increased its stake in Germany's 60 MW Alpha Ventus test offshore wind station, to be completed next year, after shouldering a EUR 61 million increase in the project's cost. The German firm took over complete project management for the development at the start of October. "It has emerged that during the implementation phase of the pioneer project the actual cost of individual parts of the project diverge from planning," it says. Total cost is now calculated at EUR 250 million, instead of the earlier estimate of EUR 189 million. Agreeing to invest the extra cash, EWE now holds a 47.5% stake in the project, up from 33.33% previously. The share held by the other two utility partners in the project, E.ON Climate & Renewables and Vattenfall Europe New Energy, subsidiaries of energy majors E.ON and Vattenfall, respectively, has reduced correspondingly to 26.25% each.
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