PNE WIND AG: US subsidiary concludes joint venture with Renewable Solutions

Joint venture aims to develop wind farm projects of more than 300 MW / Focus on highly attractive wind regions in Minnesota, North Dakota and South Dakota

(PresseBox) ( Cuxhaven, )
The wind-farm developer PNE WIND AG (ISIN: DE000A0JBPG2) is accelerating its international expansion strategy. The company signed a joint venture agreement for the future cooperation between its subsidiary PNE WIND USA, Inc. and the US company Renewable Solutions. Together the joint venture partners are planning to develop more than 300 MW of wind-farm projects located in Minnesota, North Dakota and South Dakota. In total, the investment volume is expected to amount to approximately $600 million. PNE WIND AG has budgeted development costs of $1,000,000 for 2009 and 2010. The commissioning of the first wind-farm under this agreement (30 MW) is planned for 2010.

The joint venture is to be organized as a Delaware limited liability company, which will serve as a holding company for wholly-owned project companies. The company will market and sell the wind-farm projects directly to utility providers or other suitable off-takers. In order to provide the best solutions possible to meet investor's needs, the company will offer both socalled "Asset Sales Agreements" ("ASA") as well as "Build Transfer Agreements" ("BTA").
Within the joint venture Renewable Solutions will provide planning, development, construction and operations services related to the wind-farms. PNE WIND will act as codeveloper and provide its extensive know how in sales, financing, procurement of wind mills and construction management.

The President of Renewable Solutions is Mark Eilers, one of the pioneers in the US wind industry with 15 years of experience and an extensive network in the electric power industry.
Kelly Lloyd, General Manager of PNE WIND USA, Inc. considers the future cooperation as an important milestone in tapping the US market: "We found an excellent partner for expanding our activities in the United States. Mark Eilers has tried-and-tested experience and expertise in all areas of the business from his various positions in the industry." Most recently Mr. Eilers was President of Clear Wind LLC. Before that, he was working at GE Energy as a Director of Origination, where he was responsible for the development of GE's regional sales strategy. Mark Eilers successfully managed the sale of wind and gas turbines in the volume of $ 3 billion.

"The joint venture will focus on the northern Midwest of the USA, a highly attractive area for wind-farm projects. Among experts, the region is also known as the Saudi Arabia of wind energy", comments Mark Eilers on the geographic emphasis of the cooperation. In addition, he underlines the growing importance of wind energy in the United States. "In 2008, wind power already accounted for 42% of all new electricity generating capacity built in the USA.
Given the tremendous know how combined in the joint venture, I am highly confident that we will benefit from the arising market opportunities."

Roland Stanze, President of PNE WIND USA, Inc., summarizes the advantages of the cooperation: "Two strong partners join forces with this agreement. We are planning to jointly develop wind-farms with more than 300 MW and a total market value of $600 million. This clearly shows the earning potential implied."

Martin Billhardt, CEO of PNE WIND AG, says: "We are very delighted to have achieved our first joint venture in the USA. The colleagues have done a great job in the last weeks in finalizing the negotiations!"
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