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PNE AG — M&A Activity 2015
Jun 13, 2015
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M&A Activity
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Media | 13 June 2015 09:08
PNE WIND sells its entire project pipeline in the UK
(DGAP-Media / 2015-06-13 / 09:08)
Corporate News
PNE WIND sells its entire project pipeline in the UK
– British subsidiary sold for up to approx. £103 million to an international investor
– Milestone in international development
– Positive effect on EBIT and foundation for the continued success of the entire Group
Cuxhaven, 12 June 2015 – The international wind farm developer PNE WIND AG has sold its entire project pipeline in the UK, thereby concluding its biggest transaction since the sale of the “Gode Wind” offshore projects. The shares in the British subsidiary PNE WIND UK and thus the entire project pipeline have been sold to a private investor at a purchase price totalling up to approx. £103 million (approx. EUR141.3 million), of which a portion will be paid immediately. The remaining balance will be paid as milestones in the development of the projects are reached. The former employees of PNE WIND UK will be acquired with the project portfolio. The buyer also has an option to purchase a 70 MW project when it reaches certain milestones in the development process.
PNE WIND CEO Martin Billhardt comments, “This represents a milestone in our international development and strengthens our foundation for success. In the UK, we have now sold the entire project pipeline developed by us over the past 6 years. 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. I would like personally to thank in particular the PNE WIND UK team which developed these wind farm projects over the last few years.”
In February of this year, PNE WIND began searching for a financially strong partner to jointly develop PNE WIND UK’s rapidly growing pipeline of wind farm projects with a nominal output of approx. 1,200 MW. Over the course of the discussions with interested parties, it became clear that investors were very interested in the entire project pipeline. This has now resulted in PNE WIND AG selling its 90 percent stake in the British subsidiary and the remaining 10 percent, which were held to date by the Joint Venture partner, have now also been sold.
PNE WIND was advised from the merchant bank Augusta & Co (London) and the law firm Watson Farley & Williams (London and Hamburg) on the transaction.
About the PNE WIND Group
The PNE Wind Group, with its brands PNE WIND and WKN, is one of the leading German wind farm developers. With its more than 400 employees, the PNE WIND Group has been offering services covering the entire added value chain ranging from the development, planning, realisation, financing, operation, marketing and repowering of wind farms in Germany and abroad from a single source for more than 25 years. Once the completed plants have been handed over to operators, the PNE WIND Group also offers technical and commercial management services, including regular maintenance, for the wind farms. The offshore wind farms are developed up to the point where they are ready to be constructed. In addition, through its YieldCo strategy, the group of companies offers investors the possibility of investing directly in commissioned and profitable wind farms. Alongside its business activities in the established domestic market in Germany, the PNE WIND Group is present at the international level in order to benefit from the huge growth potential of the global wind energy market and it is expanding into dynamic growth markets.
Contacts for enquiries
| PNE WIND AG Rainer Heinsohn Head of Company Communications Tel: +49(0) 47 21 718 453 Fax: +49(0) 47 21 718 373 [email protected] |
PNE WIND AG Scott McCollister Head of Investor Relations Tel: +49(0) 4721 718 454 Fax: +49(0) 4721 718 373 [email protected] |
End of Media Release
Issuer: PNE WIND AG
Key word(s): Energy
2015-06-13 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG.
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| Language: | English |
| Company: | PNE WIND AG |
| Peter-Henlein-Straße 2-4 | |
| 27472 Cuxhaven | |
| Germany | |
| Phone: | 04721 / 718 – 06 |
| Fax: | 04721 / 718 – 200 |
| E-mail: | [email protected] |
| Internet: | http://www.pnewind.com |
| ISIN: | DE000A0JBPG2, DE000A0B9VG7, , DE000A1R0741, , DE000A12UMG0 |
| WKN: | A0JBPG, A0B9VG, , A1R074, , A12UMG |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart |
| End of News | DGAP-Media |
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| 368049 2015-06-13 |