Major German player in offshore wind venture

With economic effect from February 1, 2012, Hochtief Solutions and Ventizz Capital Partners have set up a joint venture for the development of offshore wind farms.

The two partners each hold a 50 percent interest in the company Hochtief Offshore Development Solutions S.à.r.l.

The partners are aiming to tap further earnings potential in the high-growth market for offshore wind energy. Plans include, for example, to acquire and develop wind farm concessions and capitalize on the resulting value growth by selling them on before construction begins.

The new company will focus on readying the subsequent construction of the wind farms in a way that significantly reduces the risk of cost overruns and delays.

This will benefit the companies that later go on to construct and operate the wind parks at the sites concerned, avoiding risks seen on projects currently in progress. The company will thus help advance the German government’s target of 10,000 megawatts of installed capacity in the German offshore wind power market by 2020.

The company does not aim to build and operate wind farms itself. Instead, it plans to sell concessions to the future operators such as energy suppliers and public utilities, financial investors and, in increasing numbers, large industrial companies.

Hochtief is one of the most important players in the booming market for the construction of offshore wind farms. The Group performs construction and logistics services for a number of German wind farms. In addition, the company can draw on many years’ experience in port construction, maritime civil engineering and offshore logistics.

Hochtief Offshore Development Solutions is already planning its first project: Following the setup of the joint venture, Ventizz is bringing the offshore wind farm Nautilus II into the company. PNE Wind AG had sold Nautilus II to Ventizz last year and will continue to support the development project until approval by the Federal Maritime and Hydrographic Agency (BSH) is obtained. Hochtief Offshore Development Solutions has also set its sights on four other offshore wind farms in the Exclusive Economic Zone (EEZ) in the North Sea and Baltic.