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PNE Wind divests UK project pipeline for £103m

CTBR Staff Writer Published 15 June 2015

Germany-based PNE Wind has sold its entire project pipeline in the UK to a private investor for about £103m.

Turbine

Even though PNE did not mention the name of the investor, reNEWS reported that Canada-based Brookfield is buying the portfolio.

A portion of the amount will be paid immediately with the remainder transferred after the under- construction projects reach certain milestones.

The deal covers PNE's pipeline of wind farm projects with a nominal output of about 1.2GW.

Several of the projects have already been approved or are close to securing the required permits.

PNE Wind CEO Martin Billhardt said: "This transaction represents a significant step in the achievement of our EBIT guidance.

"The extensive investments required during the development of the UK projects - which have resulted in planning permissions being granted as well as a Contract for Difference (CfD) being awarded for a ready-to-build project - are now paying off."

Augusta & Co (London) and Watson Farley & Williams have advised PNE on the transaction.

Germany-based PNE Wind has generated €15.2m of sales in the first quarter of this year, compared to € 32.9m in the earlier year.

The company said last month that via the initiation of a YieldCo business, it aims to be able to open up considerable further potential.

Image: The deal covers PNE's pipeline of wind farm projects with a nominal output of about 1.2GW. Photo: courtesy of Photokanok/FreeDigitalPhotos.net.