German offshore wind specialist Bard puts itself up for sale
(31 August 2011)

Although the company declines to offer further details, it is understood to be in discussions with both Asian and European players and hoping to conclude a sale by spring 2012. Late last year, Bard founder Arngolt Bekker - the Kazakh-born German oil magnate who decided to plough much of his fortune into offshore wind - retired from the company and transferred his family's near-90% stake into a new entity called Bard Asset Management.

Bard is an unusual presence in its sector. Founded in 2006, the company is as close as an offshore wind company can get to vertical integration, with production facilities for its own 5MW turbines, blades and tripod foundations; its own jack-up installation vessel, known as the Wind Lift 1; and a raft of projects under development in the German North Sea.

The company's state-of-the-art production facilities on the North Sea coast in Emden and Cuxhaven are viewed as one of its key assets, given the recent acceleration of Germany's offshore wind program me.

Since entering construction in March 2010, the company's flagship project, the 400MW Bard Offshore 1, has faced delays. To date, 16 of the planned 80 turbines have been installed, along with 40 foundations.