PNE WIND AG, has sold the two wind farms Sontra and Kemberg III, which are currently under construction in Germany, to a Luxemburg special fund administered by the CHORUS Group.
The two 21.6 MW wind farms are being developed by PNE WIND AG. The firm will be responsible for the technical operation management of the facilities. The two projects are expected to be completed and commissioned in the second half of 2014. The facilities involves:
The acquisition of the wind farm projects has been effected via CHORUS Infrastructure Fund S.A. SICAF SIF, a stock company according to Luxembourg law, which is structured as investment company with variable capital in the form of a special investment fund according to the laws of 2007.
The asset management of the special fund for institutional investors, which invests in renewable energy power plants, is conducted by the CHORUS Group which has initiated the fund.
Holger Götze, responsible for investment in the CHORUS Group's business management, stated:
We are delighted to have been able to purchase these wind farms equipped with the most modern of turbines from such a professional developer as PNE WIND AG and look forward with pleasure to a long term co-operation both in their technical operations management as well as in further projects
Martin Billhardt, Chairman (CEO) of PNE WIND AG's Board of Directors, commented:
We are very pleased that CHORUS has now chosen wind farms developed by us for the first time. Considering the long term nature of the investment, this demonstrates trust placed in the wind farms developed by our team. We would be very pleased if this co-operation could also be continued in the future
Heuking Kühn Lüer Wojtek gave comprehensive legal advice to CHORUS with respect to the due diligence of the wind farm projects as well as the structuring, the negotiations and the implementation of the purchase contracts including amendments to the existing project contracts (project development contract, EPC contract, operation management contract, grid connection contract).