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PNE WIND AG agrees a further joint venture in Bulgaria
- Joint venture deals with wind farm project with 150 MW rated output
- Project approvals are expected shortly
The wind farm developer PNE WIND AG (ISIN: DE000A0JBPG2) is considerably expanding its foreign activities in Bulgaria. With the Windpark Dobrudzha OOD, the foundation of a joint venture was agreed, in which a Bulgarian wind farm project with a rated output totalling 150 MW is being included. PNE WIND AG, through PNE Ausland GmbH, will hold 51 percent of the shares in the joint venture company, with the Dobrudzha OOD wind farm holding the remaining 49 percent.
The wind farm project is located in the very windy region of Dobrudzha in the northeast of Bulgaria. The project approvals are expected shortly. The extensive environmental analyses, which are required in the run up to the granting of approvals, are currently being carried out.
The project was developed by Storis Engeneering, which has many years of experience in the Bulgarian wind energy market and has detailed knowledge of the market.
Within the joint venture, PNE WIND AG will be responsible for the selection and purchase of wind turbines, the financing of the project, distribution and commercial and technical management in the operating stage of the wind farm.
"Our activities to date in Bulgaria will be supplemented fantastically by this joint venture. We are very well positioned on this growth market as a result of this project", says Hartwig Höpcke, authorised representative of PNE WIND AG and project manager for foreign markets, of the agreement.
Martin Billhardt, chairman of PNE WIND AG, emphasises: "With this additional collaboration, we are focussing on continuing our international expansion strategy. Our growing commitment in Bulgaria is another building block for this. We are ensuring that our future has a continually growing project portfolio."
PNE WIND AG has already been active on the Bulgarian wind energy market since 2007, working with various local partners to develop wind farm projects, in which wind turbines with a total rated output of more than 400 MW have been setup. These projects are in various development stages.
Alongside its business activities in the established German home market, PNE WIND AG is also increasingly investing in dynamic growth markets and has subsidiaries and representations via joint ventures in Hungary, Bulgaria, Turkey, the UK, Romania, USA and Canada. Wind farm projects with a nominal output of up to 1,700 MW are currently being processed in these countries and are to be implemented in the medium term. In Germany (onshore), wind farm projects with a nominal output of more than 750 MW are currently being processed.
Furthermore, PNE WIND AG develops offshore wind farm projects, three of which have already been approved in German waters. Entering promising foreign markets is also being examined for the offshore area.
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