longline technique, commonly described as off-bottom culture (Hickman 1992).
Due to conservation measures applied to nearly 98% of the German North Sea
coast, the development and expansion of the mussel aquaculture sector is limited
insofar as the current area of mussel culture plots will not be enlarged (CWSS
2002). As already described previously in this book, moving off coastal areas to the
open ocean, where offshore wind farms are planned, is a potential solution (Buck
2002, 2007). Advantages of performing mussel cultivation activities within offshore
wind farm territories are manifold, such as the placement of mariculture devices in
defined corridors between wind farm turbines as well as sharing infrastructure for
regular servicing and joined multi-use sources of transportation. This provides an
opportunity for both enterprises to share these high-priced facilities
(Michler-Cieluch et al. 2009b). Further, charter contracts for specially designed
mussel harvesting vessels could be aimed as a solution for transporting wind farm
technicians to the offshore location at times of planned, preventive operation and
maintenance activities (Michler-Cieluch et al. 2009b). Altogether, the viability of a
mussel cultivation enterprise within offshore wind farming areas depends on various factors such as (1) the technological and biological feasibility, (2) the legislative
and regulatory constraints, (3) the environmental sustainability of farming aquatic
organisms, and (4) the profitability of this potential commercial operation (see
review by Buck et al. 2008b). As for some offshore aquaculture projects on pilot
scale, the economic part is often unrepresented or even ignored. Therefore, this
sub-chapter, which is the summary of the Project No. 8 “MytiMoney” (Fig. 11.1),
provides a first insight into financial considerations associated with moving mussel
cultivation close to German offshore wind farms, aiming to demonstrate the commercial potential from an economic perspective of a new enterprise that has not yet
become established even on a pilot scale (Fig. 11.44a).
In the following the most relevant parameters that have an impact on potential
commercial exploitation, an investment appraisal, an enterprise budget analysis, a
break-even analysis, and a sensitivity analysis of various scenarios to evaluate
economic profitability of mussel cultivation offshore are outlined.
11.6.1 Basic Data
The offshore wind farm, which acts as a case study site, is called Nordergründe (see
Fig. 11.8) and is located close to the offshore lighthouse “Roter Sand”. Site-specific
data are shown in Table 11.6 and Fig. 11.44a–c.
The economic analysis consists of an investment appraisal by calculating the
following: (1) net present values (NPV), (2) the internal rate of return (IRR), (3) an
enterprise budget analysis, (4) a break-even analysis, (5) and a sensitivity analysis
of changes of the most important parameters (all numbers are in real terms, taxes
were not considered; see also e.g. Hatch and Tai 1997; D’Souza et al. 2004; Engle
et al. 2005; Pomeroy et al. 2006; Whitmarsh et al. 2006; Liu and Sumaila 2007).
According to the operating life expectancy of main components of the complete
11 The German Case Study: Pioneer Projects of Aquaculture …
329
Due to conservation measures applied to nearly 98% of the German North Sea
coast, the development and expansion of the mussel aquaculture sector is limited
insofar as the current area of mussel culture plots will not be enlarged (CWSS
2002). As already described previously in this book, moving off coastal areas to the
open ocean, where offshore wind farms are planned, is a potential solution (Buck
2002, 2007). Advantages of performing mussel cultivation activities within offshore
wind farm territories are manifold, such as the placement of mariculture devices in
defined corridors between wind farm turbines as well as sharing infrastructure for
regular servicing and joined multi-use sources of transportation. This provides an
opportunity for both enterprises to share these high-priced facilities
(Michler-Cieluch et al. 2009b). Further, charter contracts for specially designed
mussel harvesting vessels could be aimed as a solution for transporting wind farm
technicians to the offshore location at times of planned, preventive operation and
maintenance activities (Michler-Cieluch et al. 2009b). Altogether, the viability of a
mussel cultivation enterprise within offshore wind farming areas depends on various factors such as (1) the technological and biological feasibility, (2) the legislative
and regulatory constraints, (3) the environmental sustainability of farming aquatic
organisms, and (4) the profitability of this potential commercial operation (see
review by Buck et al. 2008b). As for some offshore aquaculture projects on pilot
scale, the economic part is often unrepresented or even ignored. Therefore, this
sub-chapter, which is the summary of the Project No. 8 “MytiMoney” (Fig. 11.1),
provides a first insight into financial considerations associated with moving mussel
cultivation close to German offshore wind farms, aiming to demonstrate the commercial potential from an economic perspective of a new enterprise that has not yet
become established even on a pilot scale (Fig. 11.44a).
In the following the most relevant parameters that have an impact on potential
commercial exploitation, an investment appraisal, an enterprise budget analysis, a
break-even analysis, and a sensitivity analysis of various scenarios to evaluate
economic profitability of mussel cultivation offshore are outlined.
11.6.1 Basic Data
The offshore wind farm, which acts as a case study site, is called Nordergründe (see
Fig. 11.8) and is located close to the offshore lighthouse “Roter Sand”. Site-specific
data are shown in Table 11.6 and Fig. 11.44a–c.
The economic analysis consists of an investment appraisal by calculating the
following: (1) net present values (NPV), (2) the internal rate of return (IRR), (3) an
enterprise budget analysis, (4) a break-even analysis, (5) and a sensitivity analysis
of changes of the most important parameters (all numbers are in real terms, taxes
were not considered; see also e.g. Hatch and Tai 1997; D’Souza et al. 2004; Engle
et al. 2005; Pomeroy et al. 2006; Whitmarsh et al. 2006; Liu and Sumaila 2007).
According to the operating life expectancy of main components of the complete
11 The German Case Study: Pioneer Projects of Aquaculture …
329