Germany: BARD-Group Completes Realignment of Management Team

BARD, Germany’s offshore pioneer seated in Emden, has completed the realignment of the management team which began early 2011. Olaf Struck (46) will join Bernd Ranneberg (50, CEO) and Manuel Althoff (47, CFO) from the 1st of October 2011 as new chief technical officer (CTO) of BARD Holding GmbH.

Olaf Struck is a versed expert of the wind energy and offshore industry. Before he founded a service company in 2006, he was among other positions also a member of the management board of Repower responsible for production.

Since end of 2010 the BARD Group has gone through a profound change process. Besides the changes in staffing of the Holding and the subsidiaries, the organisation has been modified towards effectiveness and competitiveness. Furthermore the experiences gained during the construction process of BARD Offshore 1 were integrated in the ongoing implementation.

BARD Offshore 1 has a nominal capacity of 400 megawatt; this is more than half of the power of a medium-sized coal fire power plant. Of the 80 planned wind turbine generators of the 5 MW class, 19 have been completely installed and 42 foundations have been erected. The start of operation of the wind farm is planned to be completed by the end of 2013. With the project Veja Mate a second wind farm with the same nominal power has been permitted in the North Sea and is currently in the planning process.

The financial partner of the BARD Group, the UniCredit bank, has secured a full financing and therefore the completion of BARD Offshore 1.

The investor process for the BARD Group has started. The US investment bank JP Morgan has been mandated with the search for a strategic investor. The new owner structure is to be decided by the end of the first quarter 2012.

Bernd Ranneberg: „The BARD-Group is the first company in the offshore industry which has gained reliable experience over the last one and a half years on the installation of deep water, far from the coast offshore wind farms. BARD as offshore pioneer has been able to harness these in part extreme experiences and already today possesses a unique know-how. We will continue to expand this head start in development, production and construction in the offshore area. Our technology will materially contribute towards reaching the political targets of the Federal Government to combat climate change. “

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Source: BARD, September 13, 2011;