Germany: Windreich Secures EUR 500 Million for North Sea Wind Farm MEG 1

After a one-year detailed consideration, a confirmation has been given for EUR 500 million to serve for financing Windreich AG’s MEG 1 project. The Deutsch Bank will team up with other banks to approve additional investments of over EUR 1 billion, therefore, just EUR 100 million will be needed for project implementation.  

Due to construction delays Windreich’s projects MEG 1, Global Tech I and the German Bight are currently only running as planned offshore wind farms. Windreich AG will be the first project developer to hook up a 400 MW wind farm to the German grid.

With 400MW, one million people will be supplied with clean, safe and affordable electricity, cutting 1.5 million tonnes of CO2 emission. The highly consistent North Sea wind provides consistent base for developing wind energy capacity. The trial offshore wind farm Alpha Ventus had only three days without electricity in low wind year 2011.

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Offshore WIND Staff, November 19, 2012; Image: Windreich