PNE raises EUR 100m for offshore operations

GERMANY: Wind farm developer PNE has raised EUR 100 million from a bond issue in order to expand its offshore operations.

PNE chairman Martin Billhardt
PNE chairman Martin Billhardt
The company said that EUR 33.7 million in bonds were subscribed to by institutional investors in the latest trench, making the total raised EUR 100 million.

Martin Billhardt, chairman of PNE, said: "The additional funds provided by the bonds give us greater flexibility to expand our project development business.

"We can therefore strengthen our position in the development of offshore wind farm projects as well as in the development of onshore projects where we are planning to complete wind farms in Germany."

With its development of a number of large-scale projects in recent times, and operating losses of EUR 5.6 million in the first half of the year, the company had been running low on cash to develop new projects.

"These wind farms involve significant upfront investments," commented Billhardt.

PNE is currently developing Nemo, Jules Verne and Nautilus I offshore projects in the North Sea. It is also acting as a service provider to Borkum Riffrgund and Gode.

"We see very good prospects for offshore wind energy. Therefore we are looking out for further projects or developing opportunities," the company said in a statement.

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