Euler Hermes Rating continues to rate PNE WIND AG as BBB

Cuxhaven, (PresseBox) - Euler Hermes Rating issues the credit rating and future potential of the wind farm developer PNE WIND AG as BBB- (investment grade) and indicates that a weakening of its rating is possible and therefore assigns a negative outlook.

According to Euler Hermes, the project developer PNE WIND has a good position in the German on- and offshore markets. Pursuant of energy and climate targets, Euler Hermes expects a continuation of the long term global expansion of the wind energy market, although there are some risks in some countries with regards to government support mechanisms.

During the reported period under analysis, the profitability of PNE WIND AG exhibited a rising trend. According to Euler Hermes, this is primarily due to milestone payments received from offshore wind farm sales as well as the increasing sales volume of German onshore projects. The PNE WIND Group still even has a good capital structure; following the acquisition of WKN AG. On the basis of the existing financial instruments and the cash and cash equivalents on hand, the financial flexibility is rated as satisfactory despite volatile cash flows reports Euler Hermes.

During the 2014-2016 period, PNE WIND has to significantly improve its onshore conversion efficiency in order to implement the projects in planning, according to Euler Hermes Rating. From the perspective of Euler Hermes, the project pipeline is subject to uncertainty and therefore holds a weakening of its rating as possible.

Euler Hermes Rating GmbH Germany, a Company of Allianz, has issued company ratings since the beginning of 2002. Additional information on Euler Hermes Rating GmbH Germany can be found at the website www.eulerhermes-rating.com. A summary of the rating report can be found at the website www.pnewind.com.

PNE WIND AG

With its headquarters in Cuxhaven, the PNE WIND - Group plans and realises wind farm projects on land (onshore) and on the high seas (offshore). In doing so, its core competence lies in the development, planning, financing, operation, sales and service of wind farms. To date, the PNE Wind Group has already developed wind farms with a total nominal output amounting to nearly 2,000 MW.

In addition to its business activities in the established German home market, PNE WIND AG is expanding into dynamic growth markets and is already represented through joint ventures and subsidiary companies in 14 countries in Europe, Africa and North America. In these countries wind farm projects with a nominal output of approximately 4,800 MW are currently being developed and are planned to be completed in the medium term.

In addition, PNE WIND AG is developing offshore wind farm projects, of which four major projects in German waters have already been permitted.

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