Update: Bard 1 backer walks away from troubled project

SüdWestStrom washed its hands of the 400MW Bard Offshore 1 because construction delays meant it was not allowed to invest in the project quickly enough, the group tells Recharge.

In July 2010, SüdWestStrom — a collective of German municipal utilities — committed to buying a 70% equity stake in the project, with a group of investors backed by WV Energie to buy the remainder.

SüdWestStrom was ready to pour in up to €500m ($641m), but it had two demands, says managing director Bettina Morlok.

The first was that the Bard group would find surer footing. “It was clear to us they were too small, and didn’t have the capital to survive a project like this on their own,” Morlok says.

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