PNE Acquires Three German Offshore Wind Projects from BARD

PNE WIND AG has acquired three offshore projects in the North Sea through its subsidiaries “Atlantis” I to III from BARD Engineering GmbH. The projects have been developed so far from the previous owner, and they are currently in the planning approval process at the Federal Maritime and Hydrographic Agency (BSH).

PNE WIND AG intends to develop the acquired projects through the permitting process and up until the point where they are ready to construct.

“We have demonstrated with the Borkum Riffgrund and Gode Wind projects that we can successfully develop and sell offshore wind farm projects. The “Borkum Riffgrund I” project, which we developed and sold to DONG Energy and remain active as a service provider, is currently under construction. With this acquisition, we have doubled the number of our own projects in the North Sea and are therefore better positioned for the future,” explains Thorsten Fastenau, Head of Offshore PNE WIND AG.

The PNE WIND AG subsidiaries will pay EUR 17 million upon completion of the purchase agreement which is dependent of various closing conditions. Additional variable instalment payments, which could amount to significantly more than the fixed payment, will be due to the seller as the projects reach defined points in their development or have been sold.

According to current planning, up to 240 wind turbines with 5 MW of nominal capacity each could be built in the three acquired offshore wind farm projects. The project areas are located in the German Exclusive Economic Zone (EEZ) in the North Sea.

With the acquired projects, PNE WIND AG is now working on twelve offshore wind farm projects in the North Sea, of which six are its own projects and the remaining six the company is active as a service provider. In the development and implementation of these projects, the Cuxhavener Company is making a major contribution to the success of the energy transition with the electricity from offshore wind farms being a key pillar of the future electricity supply.

Martin Billhardt, CEO of PNE WIND AG is optimistic about the future: “With the acquisition of WKN AG, we have greatly expanded our onshore wind farm development activities at the national and international level and now, with the purchase of the “Atlantis” projects, we have done the same for our offshore activities. The PNE WIND Group is therefore well positioned for its future development.”

[mappress]

Press release, September 18, 2013; Image: BARD