- PNE WIND retains an interest of 20 percent in the wind farms
- High level of liquidity is basis for further investments
Cuxhaven, December 29, 2016 – PNE WIND AG has completed the largest wind farm sale in its corporate history for a purchase price of approx. euro 103 million. Once the Federal Cartel Office granted approval of the sale of an 80 percent stake in the 142 MW wind farm portfolio to a subsidiary of AREF II Renewables Investment Holding S.à r.l, the sale could be consummated. The buyer is a subsidiary of the energy and infrastructure fund Allianz Renewable Energy Fund II, which is managed by Allianz Global Investors GmbH (AllianzGI).
This means that PNE WIND AG once again was able to sell wind energy projects to an internationally renowned buyer. This was also the case in previous years with sales of offshore projects to DONG Energy and the sale of a project pipeline in Great Britain to Brookfield.
Markus Lesser, CEO of PNE WIND AG: "With AllianzGI we have found a reliable and long-term partner for this wind farm portfolio. We are delighted, this shows confidence in our wind farms and our operational management services. Owing to the sale, PNE WIND now has a high level of liquidity, which forms the basis for further projects and investments. Furthermore the segments electricity production and services for wind farms could be strengthened."
The remaining 20 percent of the wind farm portfolio will continue to be held by the wind power specialist PNE WIND AG. In addition, PNE WIND will continue to be active as a service provider for the operational management of the wind farms in the long term.
PNE WIND has been investing in the construction of the wind farm portfolio since 2014. The completed wind farms were successively bundled in this company. In one of the wind farms sold, two wind power turbines with a total nominal output of 6 MW are still under construction. An additional wind farm with approximately 10 MW is currently in the planning permission procedure and will be integrated into the portfolio later. The wind farm portfolio will generate sufficient environmentally friendly electricity to cover the average annual demand of around 125,000 households.