Germany

Germany

PNE increases WKN stake

GERMANY: PNE Wind has increased its stake in fellow German developer WKN to 82.75% by buying Siemens' 29.33% share of the company.

PNE became WKN's majority shareholder in April when it acquired 53.42% of the company's shares from Volker Friedrichsen Beteiligungs-GmbH.

It is paying Siemens approximately €27 million in cash, the price based on a company valuation of around €93 million for 100% of WKN shares.

WKN, which has 1.1GW of fully developed wind projects and another 1.7GW in the pipeline, will continue to operate under its existing name.

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