Bremen to finance construction of offshore terminal in Bremerhaven

(SeeNews) – Dec 5, 2012 – Bremen's Senate said yesterday the city-state of Bremen is to finance the construction of the offshore terminal in Bremerhaven due to the failure of the investment model.

The Senate made the decision during its meeting on December 4. Bremen's mayor Jens Boehrnsen explained that as a result Bremerhaven will strengthen its position as a centre of the offshore wind energy sector in Europe.

Costs for the construction of the quay, including risk and additional building costs, are to amount to EUR 160 million (USD 209.4m), while costs for compensation measures are estimated to stand at EUR 20 million. Thus, the whole project will cost EUR 180 million.

The project will be financed through the Bremen's budget and the burden will be distributed over a period of five years. Bremen does not plan to take new debt in order to finance the offshore terminal.

Bremen will transfer about EUR 75.2 million from the port's fund assets and from other projects. In addition, EUR 29.6 million will come from the investment budget of the Bremerhaven port.

(EUR 1 = USD 1.309)

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