PNE WIND AG Receives Milestone Payment for Offshore Project Borkum Riffgrund I (Germany)

The Danish company DONG Energy A/S has now officially advised PNE WIND AG, that it has decided to construct and finance the offshore wind farm “Borkum Riffgrund I” in the North Sea. PNE WIND AG had been developing the offshore wind farm “Borkum Riffgrund I” since 2011 at first alone and then in a joint venture with DONG Energy and had sold this project to DONG Energy at the end of 2009after receiving the approval of the Bundesamt für Seeschifffahrt und Hydrographie (Federal Maritime an Hydrographic Agency). However, PNE WIND AG is continuing to develop this project as service provider on behalf of DONG Energy.

DONG Energy is amongst the leaders in the offshore energy sector. It intends to begin with the construction of “Borkum Riffgrund I”, its first German wind farm, in 2013 investing about 1.25 billion EUR. 89 Siemens wind energy systems with a nominal output totalling about 320 megawatts will be constructed and are to be commissioned in 2014. In addition, DONG Energy is also developing the offshore wind farm “Borkum Riffgrund II” further, having also purchased it from PNE WIND AG at the end of 2009.

At the time of sale, milestone payments for reaching additional specified stages in the development of this project were agreed. One of these milestones is the decision concerning the construction and financing of the project. Thus, PNE WIND AG is receiving a further milestone payment amounting to 6.4 million EUR.

[mappress]

Source: pnewind, February 28, 2011