PNE seeks €6.2m damages over WKN acquisition

GERMANY: PNE Wind has made a €6.2 million claim for damages against Volker Friedrichsen Beteiligungs (VFB) over the acquisition of a majority stake in fellow wind developer WKN.

PNE is based in Cruxhaven in Germany

PNE bought a 54% stake in WKN from VFB in April 2013 for €93 million, but now claims the wind projects included in the deal were overvalued. PNE's supervisory board has therefore approved plans to seek damages from VFB.

The claimed overvaluation of a number of wind projects is expected to impact PNE's operating profit by "a low to medium single-digit million figure" for the 2014 financial year, the company said.

Included in the sale were 1.1GW of operating wind projects in Germany, France, Poland, Italy, USA, Sweden, Ukraine and Great Britain. It is not clear which of these projects PNE has claimed were overvalued.