Project sales boost PNE Wind's results

Developer to raise €100m from corporate bond issue

PNE Wind AG closed the financial year with "an extremely positive result," it reported yesterday. Sales increased to €84.4m, up from €48.6m a year earlier, "above all due to the successful sale of offshore wind farm projects". Its operating result was €20.4m, compared to €0.1m in 2011.

PNE Wind sold its Gode Wind 1, 2 and 3 projects to DONG Energy in August 2012, for €157m, of which €57m was paid immediately. The balance is due as milestones are achieved, probably by the end of 2015.

It has also announced its intention to issue €100m of corporate bonds in the first half of 2013, on the Deutsche Börse. The funds are earmarked for the potential acquisition of an onshore wind developer, but some of the money may be spent on offshore projects.

It said: "Expansion of the onshore and offshore wind project pipeline in Germany and abroad through project acquisition" were further options for the proceeds of the planned corporate bond, along with providing interim financing for the equity proportion of its German wind farm projects.

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