Dietikon, 4 December 2009
The EGL Group is to acquire a 24.1% stake in Wetfeet Offshore Windenergy GmbH, which is planning to build a 400-megawatt wind farm off the north coast of Germany. An agreement to this effect is being signed today in Wolfschlugen, near Stuttgart (Germany).
In line with its asset portfolio expansion strategy, EGL is to invest in Wetfeet Offshore Windenergy GmbH, which is planning to construct a wind farm around 100 kilometres off the north coast of Germany. EGL will acquire a total stake of 24.1% from the two founding companies, FC Holding GmbH and Nordland GmbH, and by so doing will become the third largest shareholder after Stadtwerke München GmbH and Südhessische Energie AG. The parties agreed not to disclose details on the terms of the deal.
Around 1.6 billion kilowatt hours from 2013
Wetfeet Offshore Windenergy GmbH will build and operate the Global Tech I offshore wind farm in the North Sea with a total capacity of 400 megawatts. Construction of the 80 wind turbines, each with an output of 5 megawatts, is scheduled to begin in the second half of 2011. The turbines will be connected to the German high-voltage grid by means of a cable which is currently under construction. Beginning in 2013, Global Tech I will generate 1.6 billion kilowatt hours of electricity annually. Total investment in the wind farm amounts to 1.4 billion euros.
Further step forward in expanding the EGL asset portfolio
EGL's investment in Wetfeet Offshore Windenergy GmbH represents an important step forward in implementing its asset strategy, one of the aims of which is to participate in projects focusing on the use of renewable energies for power generation in various European countries. By acquiring a shareholding in Wetfeet Offshore Windenergy GmbH, EGL is paving the way for building up its own wind-power generation capacities in Germany, where it has been operating a subsidiary since 2003.
Further information
EGL Corporate Communications, Roger Welti, Tel. +41 44 749 40 10, media@egl.ch
Global Tech I project: www.wetfeet.de
