Press release BoxID: 312170 (PNE AG)
  • PNE AG
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  • 27472 Cuxhaven
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  • Dirk Stauer
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PNE WIND AG sells shares in offshore projects "Borkum Riffgrund" I and II to DONG Energy

(PresseBox) (Cuxhaven, ) The wind farm developer PNE WIND AG (ISIN DE000A0JBPG2) sells its shares in the offshore wind farm projects "Borkum Riffgrund" I and II to the Danish utility group DONG Energy. Until now both companies held shares of 50 percent each in these projects. PNE WIND AG shall receive the purchase price in partial amounts as milestone payments when reaching determined steps in the project. PNE WIND AG immediately shall receive an initial payment of about 11.3 million Euros including reimbursement of advance payments already made and loans. As a whole the remaining payment of previously agreed purchase price of ca. 56 million Euros is brought forward and paid with a discount.

Due to this transaction PNE WIND AG's EBIT will increase from 5 to 7 million Euros predicted so far to an approximate estimated 13 to 15 million Euros.

The project "Borkum Riffgrund I" with up to 77 wind energy systems and 277 MW total nominal output has already been approved. The approval procedure for "Borkum Riffgrund II" with up to 96 wind energy plants is under way.

It is agreed with DONG Energy that PNE WIND AG will continue contributing to the development of such two offshore wind farm projects in the North Sea, acting as a service provider for DONG Energy.


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