German wind energy developer Windreich has completed total financing for the 400MW Global Tech I facility, the company's first offshore endeavour.
Funding for the project was secured through a consortium of 12 commercial banks including the European Investment Bank. The project is expected to cost around €1.8bn and the company has two additional offshore projects pending finance and approval.
Permission to feed electricity into the German federal network was granted in 2009 and during this time Windreich made several strategic partners for the project. Turbines for the development will be supplied by Areva Wind, Hochtief will be responsible for offshore construction with Alstrom providing transformer substations.
Tim Kittelhake, a manager at Windreich and responsible for the Global Tech I project, said, 'It took a lot of hard work, but it was possible to fulfill all requirements in 2011 necessary for complete project financing.'