Bloomberg News

Bard Halts Steel Unit as Search for Buyer Fails After Order Drop

February 12, 2013

Bard Holding GmbH, a German offshore wind developer seeking a buyer for all or parts of the business, will cease output at Cuxhaven Steel Construction GmbH after it failed to find an investor for the maker of turbine foundations.

Bard will dismiss 95 of the unit’s 120 workers and shift the rest to other divisions, Axel Bahr, a company spokesman, said today by phone. Cuxhaven Steel will halt output April 30.

Bard, RWE AG and REpower Systems SE have been victims of wrangling between the German government and grid operators over sharing financial risks and upgrading the network as the nation seeks to use wind power in favor of nuclear. Bard’s decision is a setback after seeking to raise funds as technical challenges increased costs, burned up cash and stalled its main project.

“The inevitable decision to discontinue business operations ultimately reflects the present situation in the offshore wind industry, which has for some time suffered from a lack of new orders due in part to the uncertain political framework conditions,” Emden-based Bard said in a statement.

Bard, a pioneer of deep-water offshore wind, is building the 400-megawatt Bard Offshore 1 plant 100 kilometers (62 miles) from Borkum island. It will focus on completing the project while the sale continues, Bahr said, declining to elaborate.

To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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