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United Kingdom

PNE Wind sells UK subsidiary to Brookfield

UK: PNE Wind has sold all the shares in its UK subsidiary to Canada-based asset manager Brookfield for £103 million (€141.3 million).

PNE Wind's headquarters in Cuxhaven, Germany
PNE Wind's headquarters in Cuxhaven, Germany

Approximately £40 million will be up paid up front. The remaining balance will be paid in instalments up to 2020, as project milestones are met.

PNE Wind UK's 1.2GW pipeline and employees have also been transferred to the new owner. PNE said it had invested approximately £27 million in to the pipeline to date. It does not own any operational projects. 

In February, the developer began the search for a "strong financial partner" to assist in the development of the UK projects. The announcement was made after Euler Hermes Rating downgraded the company's outlook.

PNE said during the negotiations it "became clear that investors were interested in acquiring the shares".

One of the projects included in the transaction was awarded a contract for difference subsidy in the first auction round in February. The 20MW Tralorg project in south west Scotland is expected online in 2018.

According to the PNE Wind UK website, the pipeline is mostly situated in Scotland and northern England.

The asset management firm has a large portfolio of renewable energy assets. In March 2014, Brookfield agreed to acquire the 500MW portfolio or Irish utility Bord Gais.

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