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PNE WIND AG completes the largest business transaction in the firm's history: three offshore wind projects sold to DONG Energy for euro 157 million
For the projects inclusive development costs, PNE WIND AG has already received an upfront payment of euro 57 million. With the successful completion of predetermined project development steps, approximately euro 100 million in additional milestone payments are expected to become due till 2015. Substantial milestones include the final investment decision for the "Gode Wind" I and II projects. The "Gode Wind III" project rights will be transferred to the buyer when the permit from the German Federal Maritime and Hydrographic Agency (BSH) is issued. In addition to the above mentioned items, PNE WIND AG will as part of the transaction support the projects as a service provider to DONG Energy for the next five years. The service contract has a value of up to euro 8.5 million.
All three of the "Gode Wind" projects are located 38 to 40 kilometres north of the Norderney Island in the North Sea. The "Gode Wind" I and II projects have both been issued building permits from the BSH and brought to the ready-to-build point of development. Furthermore, TenneT has issued an unconditional grid connection guarantee. The "Gode Wind III" project is in an earlier stage of development and current efforts are targeted at obtaining the BSH building permit as quickly as possible.
With the sale of these three projects, PNE WIND AG reported the largest business transaction in the firm's history. PNE WIND AG reconfirms its cumulative EBIT guidance from euro 60 to 72 million for the years 2011 to 2013.
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