PNE revenues soar

GERMANY: Wind farm developer, PNE Wind, saw its revenues increase fivefold in the first half of the year, helping it swing into profit.

PNE headquarters at Cuxhaven in Germany

The company managed to log an operating profit of EUR 2.8 million, compared with a loss of EUR 5.6 million in the same period last year. This was achieved on the back of revenues of EUR 118 million, up from EUR 22 million.

During the period PNE started construction on wind farms in Germany with a capacity of 128MW. A further 70MW of projects have been granted construction permits.

It expanded its international activities in parallel. In France, a previously sold 12MW wind farm was completed at the end of July 2014. In the US, a wind farm of up to 153MW in several phases continued to be developed. The company has received construction consent on 10MW in France, 30MW in Italy, 38MW in the UK, 78MW in Hungary, 102MW in Romania and 32MW in Poland.

PNE said it has a global onshore project pipeline of more than 5GW in various stages of project development.

The developer's results were boosted by a number of sales of wind farms, including the 15.4MW Calau II A wind development in Brandenburg, and the Calau II C and D projects, with a combined capacity of 30.8MW.

Offshore, PNE is developing eight projects with a combined capacity of 3.6GW. However, the first is not due online until 2022.

The company confirmed its operating profit forecast of EUR 110-130 million for the financial years 2014 to 2016.