Windreich

Windreich was a German company specializing in the planning, construction, financing, operation, and sale of onshore and offshore wind farms. Founded in 1999 as FC Windkraft GmbH by engineer Willi Balz, it was headquartered in Wolfschlugen, Baden-Württemberg. The company initially invested in onshore wind projects and from 2009 began developing offshore wind farms in the North Sea and Baltic Sea, including Global Tech I, MEG Offshore I (later Merkur), and Deutsche Bucht. In 2010 it became Windreich AG, and a planned IPO in 2012 was abandoned after about four months. Instead, the company issued bonds through the Bondm segment of the Stuttgart Stock Exchange, raising €135 million from investors. In March 2013 it converted back to a GmbH and delisted its bonds to the general open market. The company faced legal investigations into balance sheet manipulation, capital investment fraud, and market price manipulation. In September 2013 it filed for insolvency, and proceedings opened in December 2013. Founder Willi Balz was later convicted of intentional delay of insolvency, fraud, breach of trust, and insider trading, receiving a four-and-a-half-year prison sentence in December 2020. Windreich's legacy includes several offshore wind farm projects that were developed by separate project companies, some of which continued under different ownership.

Windreich was founded in 1999 as FC Windkraft GmbH by engineer Willi Balz. The company initially invested in onshore wind power projects. From 2009, it began developing offshore wind farms in the North Sea and Baltic Sea. Key offshore projects included Global Tech I, MEG Offshore I (later Merkur), and Deutsche Bucht. The application for Global Tech I was submitted on 7 June 2001 by project planner and geologist Hans-Jürgen Kothe and his Nordsee Windpower GbR, and approved on 24 May 2006 by the Federal Maritime and Hydrographic Agency (BSH). MEG Offshore I (80 turbines, 400 MW total) was applied for on 10 April 2006 and approved on 31 August 2009. Deutsche Bucht (42 turbines, 273 MW) was applied for on 23 June 2004 and approved on 26 February 2010. In 2010, FC Windkraft GmbH became Windreich AG. An IPO planned for 2012 was abandoned after about four months. Instead, bonds were offered through the Bondm segment of the Stuttgart Stock Exchange, raising €135 million from investors. On 18 January 2013, it was announced that television presenter Sabine Christiansen would be appointed deputy chair of the supervisory board, after Walter Döring (former Baden-Württemberg economics minister, FDP) unexpectedly resigned from the position at the 2012 annual press conference. In March 2013, Windreich AG converted back to a GmbH, and its bonds were moved from the Bondm segment to the general open market to save about €500,000 in costs. In early March 2013, it became known that the Stuttgart public prosecutor's office had launched an investigation against five current and former board members, including current chairman and sole shareholder Willi Balz and former board member Walter Döring, on suspicion of balance sheet manipulation, capital investment fraud, market price manipulation, and credit fraud. The prosecutor searched Windreich's business premises and the private residences of four current and former board members. At the end of April 2013, 23 employees, about one fifth of Windreich's staff, were dismissed. On 6 September 2013, Windreich filed for insolvency at the Esslingen District Court due to insolvency. Three days later, it was announced that founder Willi Balz was stepping down as managing director, succeeded by Werner Heer. A preliminary creditors' committee was formed and a preliminary administrator was appointed to accompany the new managing director. The Esslingen District Court opened insolvency proceedings on 1 December 2013. Holger Blümle, the previous administrator, was appointed insolvency administrator. In January 2017, charges were filed against several parties for delay of insolvency and aiding and abetting it, as well as fraud. The charges were admitted in all points, and the trial began in August 2019. On 2 December 2020, Balz was sentenced to four and a half years in prison. The verdict became final in April 2022. Proceedings against seven co-defendants were discontinued. The individual projects were operated by specially founded companies, mostly in the legal form of a GmbH, some also based in Wolfschlugen. For offshore projects in Germany's exclusive economic zone, these included: for North Sea wind farms: Global Tech I (80 turbines) by Wetfeet Offshore Windenergy GmbH; MEG Offshore I, today Merkur (66 turbines) by Merkur Offshore GmbH (joint venture with DEME); Deutsche Bucht (42 turbines) by British Wind Energy GmbH; Austerngrund (80 turbines) by Austerngrund GmbH; BightPower (2 × 80 turbines) and AreaC (3 × 80 turbines) by Wetfeet GmbH. For Baltic Sea wind farms: BalticPower (80 turbines) by Wetfeet GmbH; BalticEagle (80 turbines), Ostseeperle (35 turbines), and Ostseeschatz (45 turbines) by Financial Insurance GmbH. Windreich AG held 9.45% of shares in Fuhrländer AG. The company also engaged in electric mobility; founder Willi Balz participated in several competitions with electric cars, and a Jaguar E model was equipped with an electric drive.

• FC Windkraft GmbH founded by Willi Balz.

• Application for Global Tech I offshore wind farm submitted.

• Application for Deutsche Bucht offshore wind farm submitted.

• Application for MEG Offshore I offshore wind farm submitted.

• Global Tech I approved by BSH.

• MEG Offshore I approved by BSH.

• Deutsche Bucht approved by BSH.

• FC Windkraft GmbH becomes Windreich AG.

• Planned IPO abandoned after about four months.

• Sabine Christiansen announced as deputy chair of supervisory board.

• Windreich AG converts back to GmbH; bonds delisted to general open market.

• Stuttgart prosecutor investigates five board members.

• 23 employees laid off.

• Windreich files for insolvency at Esslingen District Court.

• Insolvency proceedings opened; Holger Blümle appointed administrator.

• Charges filed against several parties for delay of insolvency and fraud.

• Trial begins.

• Willi Balz sentenced to four and a half years in prison.

• Verdict becomes final.

German wind farm developer and operator, later known for its insolvency and the criminal conviction of its founder.

• Global Tech I

  Offshore wind farm with 80 turbines in the North Sea, operated by Wetfeet Offshore Windenergy GmbH.

• MEG Offshore I (Merkur)

  Offshore wind farm with 66 turbines (400 MW) in the North Sea, operated by Merkur Offshore GmbH, a joint venture with DEME.

• Deutsche Bucht

  Offshore wind farm with 42 turbines (273 MW) in the North Sea, operated by British Wind Energy GmbH.

• Austerngrund

  Offshore wind farm with 80 turbines in the North Sea, operated by Austerngrund GmbH.

• BightPower

  Offshore wind farm project with 2 × 80 turbines, operated by Wetfeet GmbH.

• AreaC

  Offshore wind farm project with 3 × 80 turbines, operated by Wetfeet GmbH.

• BalticPower

  Offshore wind farm with 80 turbines in the Baltic Sea, operated by Wetfeet GmbH.

• BalticEagle

  Offshore wind farm with 80 turbines in the Baltic Sea, operated by Financial Insurance GmbH.

• Ostseeperle

  Offshore wind farm with 35 turbines in the Baltic Sea, operated by Financial Insurance GmbH.

• Ostseeschatz

  Offshore wind farm with 45 turbines in the Baltic Sea, operated by Financial Insurance GmbH.

1. 1Windreich GmbH i.I. official websitewindreich.de
2. 2Windreich - Wikipedia (German)de.wikipedia.org
3. 3Windreich - Wikidatawikidata.org