All Stories
Follow
Subscribe to PNE WIND AG

PNE WIND AG

EANS-News: PNE WIND AG sells offshore wind farm project, "Gode Wind II" to the Danish investor, Brancor Capital Partners

--------------------------------------------------------------------------------
  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
--------------------------------------------------------------------------------
Company Information/Contracts

Subtitle: •	Transfer of 50.1 percent of the shares on 29th December 2011 in
return for payments in the first quarter 2012
•	Further payments at financial close and upon commissioning of the tenth wind
turbine


Cuxhaven (euro adhoc) - 29th December 2011 - The wind farm project developer,
PNE WIND AG (ISIN: DE000A0JBPG2) is selling its shares in PNE Gode Wind II GmbH,
in which the offshore wind farm project "Gode Wind II" is being developed, to
HYSSING Vermögensverwaltungsgesellschaft mbH, which is held by the Danish
Brancor Capital Partners APS. The agreed purchase price for all shares of PNE
Gode Wind II GmbH is based on a valuation of about EUR 317,000 per MW including
the already invested development costs. The transfer of 50.1 percent of the
shares will take place on 29th December 2011 as condition precedent to a first
significant payment on 29th February 2012 and a further instalment becoming due
on 25th March 2012. This is to equip Brancor Capital Partners APS with the
necessary time to pay the agreed purchase price. The remaining 49.9 percent of
the shares is to be transferred on receipt of the second purchase price rate.
With financial close the third payment is agreed. As the last payment, the last
smaller instalment is to be paid on commissioning of the tenth wind turbine.

The 50.1 percent share transfer will have a positive effect on PNE WIND AG´s
corporate EBIT in the year 2011 if the purchase prices are paid as planned. In
addition, there will be a revaluation of the initially remaining 49.9 percent of
the shares within the company due to the IFRS accounting within the corporation,
which will have an additional positive effect on the 2011 corporate EBIT.
Against this background PNE Wind AG expects to realise a major part of its
corporate forecast for the financial years 2011 to 2013 of cumulated EUR 60 to
72 million in 2011 already. 

The two contracting parties have agreed that PNE Wind AG shall continue to be
involved in the project development. The wind farm is planned to be located in
the North Sea, about 38 kilometres offshore of the island of Norderney and has
already been approved by the Bundesamt für Seeschifffahrt und Hydrographie (BSH)
(German Federal Maritime and Hydrographic Agency). The intention is to construct
84 offshore wind energy plants with a nominal output totalling 252 MW in "Gode
Wind II".

"The purchase price is in line with our expectations and, as is usual in
offshore transactions, will be paid in several instalments. Due to the condition
precedent of the entire contract until payment of the first purchase price
instalment, the sale is still in the balance. However, we have great confidence
that Kim Brangestrup, the shareholder in Brancor Capital Partners, will acquire
the capital for HYSSING Vermögensverwaltungsgesellschaft mbH in time", said
Martin Billhardt, Chairman of the Board of PNE WIND AG.

PNE WIND AG has already made considerable advance investments in the offshore
wind farm so that its construction can take place quickly. PNE WIND AG received
the unconditional agreement for the network connection of this wind farm from
the responsible transfer network operator TenneT at the end of June 2011, after
its call for tender for the acquisition of the network connection components was
concluded. In the meantime, this has been commissioned by TenneT and is under
construction.

For the construction of "Gode Wind II" PNE WIND AG has already concluded a
supply contract with the manufacturer, Vestas, for 84 Type V112 wind energy
systems and preliminary contracts for the supply of 84 monopile foundations with
MT Højgaard A/S, for the supply of the internal farm cabling with Draka Norsk
Kabel AS and for the supply of the wind farm´s transformer substation with
ALSTOM Grid GmbH.

PNE Wind AG was advised in this transaction by Augusta & Co (London) and Watson
Farley & Williams (Hamburg). 


Company profile

PNE WIND AG, which is headquartered in Cuxhaven, plans and implements wind farm
projects on land (onshore) and at high sea (offshore). Core competencies are in
the development, planning, implementation and financing of wind farms, as well
as their operation and sales with associated service. So far, the company has
installed 97 wind farms with 563 wind power plants and a total capacity of 804
MW.

Besides business activities in the established German domestic market, PNE WIND
AG is increasingly expanding into dynamic growth markets and is already
represented through joint ventures and subsidiaries in Hungary, Bulgaria,
Romania, Turkey, United Kingdom, USA and Canada. In these countries, wind farm
projects with a capacity of up to 3,725 MW are currently being implemented for
the medium term. In Germany (onshore) wind farm projects with a nominal capacity
of more than 1,100 MW are currently in progress.

Furthermore, PNE Wind AG develops offshore wind farm projects, of which three
major projects in German waters have already been approved. Entry into promising
foreign markets will also be examined for the offshore area.


Further inquiry note:
PNE WIND AG
Presse und Öffentlichkeitsarbeit
Rainer Heinsohn
Tel:  +49(0) 47 21 - 7 18 - 4 53
Fax: +49(0) 47 21 - 7 18 - 3 73
E-mail:  info@pnewind.com

Investor Relations
cometis AG
Ulrich Wiehle / Janis Fischer
Tel: +49(0)611 - 205855-64
Fax: +49(0)611 - 205855-66 
E-mail:  fischer@cometis.de

end of announcement                               euro adhoc 
--------------------------------------------------------------------------------


company:     PNE WIND AG
             Peter-Henlein-Str. 2-4
             D-27472 Cuxhaven
phone:       +49(0)4721 718 06
FAX:         +49(0)4721 718 373
WWW:         http://www.pnewind.com
sector:      Alternative energy
ISIN:        DE000A0JBPG2, DE000A0B9VG7 DE000A0Z1MR2 DE000A1EMCW3
indexes:     CDAX, Prime All Share, Technology All Share
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
             Hamburg, Stuttgart, Düsseldorf, Hannover, München 
language:   English

Original content of: PNE WIND AG, transmitted by news aktuell

More stories: PNE WIND AG
More stories: PNE WIND AG