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 £103 million (US$161.8 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.
Throughout the last two weeks we have reported on several wind deals globally: