PNE WIND : completed the sale of the remaining 20 percent stake
December 28, 2017 at 09:10 am EST
Share
DGAP-News: PNE WIND AG / Key word(s): Disposal
PNE WIND AG completed the sale of the remaining 20 percent stake
28.12.2017 / 15:04
The issuer is solely responsible for the content of this announcement.
Corporate News
PNE WIND AG completed the sale of the remaining 20 percent stake in the wind farm portfolio
Cuxhaven, December 28, 2017 - PNE WIND AG completed the sale of its 20 percent stake in PNE WIND Partners GmbH (formerly PNE WIND YieldCo Deutschland GmbH) to Allianz Renewable Energy Fund II (AREF II). The investment company, which is managed by Allianz Global Investors GmbH, now holds all shares in the 142 MW wind farm portfolio. The purchase price for the 20 percent stake amounts to approx. euro. 23 million. The execution of the contract is still subject to the approval of the banks. PNE WIND AG continues to be active as a service provider for the technical and commercial plant management and the ongoing operation of the wind farms.
Markus Lesser, CEO of PNE WIND AG: "This successful sale enabled PNE WIND to further increase liquidity. This puts us in an even better position to build up the new European wind farm portfolio of up to 200 MW, but also to strategically expand our business. I am pleased about the confidence of the buyer, which is expressed among other things in the fact that PNE WIND remains responsible as a service provider for the day-to-day business of the wind farms in the long term."
PNE WIND Partners GmbH bundles German wind farm projects with a total output of 142.5 MW. Allianz Renewable Energy Fund II (AREF II) acquired an 80 percent stake of the shares in the company as early as at the end of 2016. The financing of the wind farms was successfully optimised in 2017, which led to a subsequent purchase price payment to PNE WIND AG in the third quarter. Simultaneously, the enterprise value of PNE WIND Partners GmbH increased to approx. 360 million euro.
This sales transaction also serves to finance the establishment of the new European portfolio with a capacity of up to 200 MW, which is currently being built up by PNE WIND. The first wind farm with a capacity of 43 MW for this new portfolio has almost been completed and will go into operation at the end of 2017. Additional investments from the company's own funds are planned for the complete or partial sale of the new portfolio in 2020. Until the sale, PNE WIND AG anticipates increasing proceeds from the electricity sales from its own wind farms.
About the PNE WIND Group
The PNE Wind Group, with its brands PNE WIND and WKN, is one of the leading German wind farm developers. With its approx. 360 employees, the PNE WIND Group has been offering services covering the entire added value chain ranging from the development, planning, realisation, financing, operation, marketing and repowering of wind farms in Germany and abroad from a single source for more than 25 years. Once the completed plants have been handed over to operators, the PNE WIND Group also offers technical and commercial management services, including regular maintenance, for the wind farms. The offshore wind farms at sea are developed up to the point where they are ready to be constructed and services are provided up to the operation of the wind farms. Alongside its business activities in the established domestic market in Germany, the PNE WIND Group is present at the international level in order to benefit from the tremendous growth potential of the global wind energy market and it is expanding into dynamic growth markets.
Contacts for enquiries
PNE WIND AG
Rainer Heinsohn
Head of Corporate Communications
Tel: +49(0) 47 21 - 7 18 - 453
Fax: +49(0) 47 21 - 7 18 - 373
Rainer.Heinsohn(at)pnewind.com
PNE WIND AG
Christopher Rodler
Head of Investor Relations
Tel: +49(0) 47 21 - 7 18 - 454
Fax: +49(0) 47 21 - 7 18 - 373
Christopher.Rodler(at)pnewind.com
28.12.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Language:
English
Company:
PNE WIND AG
Peter-Henlein-Straße 2-4
27472 Cuxhaven
Germany
Phone:
04721 / 718 - 06
Fax:
04721 / 718 - 200
E-mail:
info@pnewind.com
Internet:
http://www.pnewind.com
ISIN:
DE000A0JBPG2, DE000A1R0741, , DE000A12UMG0,
WKN:
A0JBPG, A1R074, , A12UMG,
Listed:
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
PNE AG, formerly PNE Wind AG, is a Germany-based renewable energy company. The Company develops onshore and offshore wind farms. It operates through two segments. The Electricity Generation segment covers the generation of electricity from the operation of own wind farms, and the Projecting of Wind Power Turbines covers the activities from initial site exploration, approval procedure, financing, turnkey construction, operation and repowering, as well as related services. The Company operates under the brands PNE and WKN and is active through subsidiaries and joint ventures in Europe, South Africa, the United States and Canada. The Company's offshore wind farms are mainly located in the North Sea and onshore wind farms are in numerous countries in Europe, as well as in South Africa, the United States and Canada. In addition to wind energy, PNE AG pursues solutions in the areas of photovoltaic energy, electricity storage and power-to-gas technologies with a focus on hydrogen.