Hochtief, Ventizz Set Up Company to Develop Offshore Wind Farms
Hochtief AG (HOT), Germany’s biggest builder, set up a company with Ventizz Capital Partners to develop offshore wind farms.
The joint venture would sell projects after “readying the subsequent construction of the wind farms in a way that significantly reduces the risk of cost overruns and delays,” Hochtief said in an e-mailed statement today.
Germany plans to install 10,000 megawatts of turbines off its coast this decade to help replace its nuclear reactors, which are to shut by 2022. Hochtief, with 20 billion euros ($26 billion) of sales in 2010, could lend financial power to projects that can cost as much as 1.5 billion euros.
Hochtief seeks to purchase at least two wind farm concessions off Germany, Ullrich Reinke, head of energy and infrastructure at the company’s Solutions unit, said in November.
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