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Green City AG files insolvency petition. Planned wind farms in Hesse, Germany will continue no matter what. As a majority shareholder, Koehler Renewable Energy will continue with the wind farm project regardless of the developments concerning its current project partner.
There have been several press reports in the past few days covering Green City AG’s current financial situation, as the company has disclosed that it filed an insolvency petition on January 24, 2022. Koehler Renewable Energy, a Koehler Group company, has been Green City AG’s project partner in the development of multiple planned wind farms in Hesse. With this partnership, both companies have driven the expansion of wind power in Hesse and have accordingly played a role in supporting the energy goals of the Hesse state government.
As a majority shareholder, Koehler Renewable Energy will continue with the aforementioned wind farm project regardless of the developments concerning Green City AG. Koehler Renewable Energy Corporate Director Nicolas Christoph had the following to say: “Koehler owns the majority of the shares in the joint ventures and has a strong interest in ensuring that the facilities are completed, as well as in their long-term operation. All Koehler Renewable Energy projects are an integral part of the 2030 Koehler Promise.” With this promise, Koehler intends to produce more energy from its own sources than it requires for its paper production operations by 2030.
Koehler Renewable Energy will do everything within its power to continue with the development of the wind farms and start erecting the corresponding wind turbines as soon as the relevant permits are ready.