Frankfurt investment firm Aeolus Offshore is set to buy three wind farm projects from insolvent wind farm developer Windreich for €332m.
According to Windreich founder Willi Balz, Aeolus Offshore was set up in March and is run by investors from the UK and China.
Balz has invited Windreich creditors for a meeting on May 31 in his home-village Wolfschlugen near Stuttgart to explain a possible deal in greater detail.
This will be an informal meeting, insolvency administrator Holger Blumle said, as he is not aware of the Aeolus offer and will not take part in the May 31 meeting.
Balz said earlier this year that he is working on an insolvency plan. His company still holds a 0.05% stake in the Global Tech I wind farm (pictured) and Balz claims to control some 14% of the project via other firms owned by his group.
Other projects still in the Windreich portfolio include Austerngrund, Bight Power 1 and 2 and Areas C1 through C3 in the German North Sea.
Insolvency proceedings have been ongoing since 2013. Balz’s interests include complicated and intertwined network of firms including Nawio GmbH, Natenco Windkraftanlagen GmbH, FC Windenergy GmbH, and Windreich E-mobil GmbH.
Balz also filed for private insolvency. Creditors claims total more than €365m.
Image: Global Tech
