Bank group prematurely extends WKN loan contract

A syndicated credit line of 29 million Euros for the Husum-based project developer has been prematurely extended until mid 2016

Husum, (PresseBox) - Recently the existing syndicated working capital credit line for the project developer WKN AG has been prematurely extended for about another two years. The credit line of 29 million Euros secures the firm financial base for the operative business of the next coming years.

The bank consortium led by Commerzbank Aktiengesellschaft and the Deutsche Bank AG as joint mandated lead arranger and bookrunner now provide the credit line originally from the year 2011 until 30 June 2016.

"The premature extension of the syndicated credit line for this amount confirms the confidence of our banks in WKN and their new majority shareholder PNE WIND AG", CFO Michael Ostwald comments on the conclusion of the contract. In July 2013, the majority shares of WKN were transferred to PNE WIND AG with its company headquarters in Cuxhaven. With this WKN AG continues to operate as an independent company.

WKN AG

WKN AG has planned, installed and operated turnkey wind farms and solar power systems in Germany since 1990. In addition, WKN AG is also internationally represented by subsidiaries in numerous European countries, South Africa and the US. Up to now, the company has initiated and realized projects with a total of more than 1,130 megawatts capacity.

The headquarters of the WKN-Group are located at the "House of Future Energies", an established center of excellence for renewable energy sources in Husum/Germany. 82.75 percent of WKN shares are owned by PNE WIND AG located in Cuxhaven/Germany while 17.25 percent are held by private and institutional shareholders.

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