Pipeline gap hits PNE sales

GERMANY: German developer PNE Wind has recorded project sales of €15.2 million in its first quarter results, down from €32.9 million in the same period last year.

PNE recorded a loss of €6 million in Q1
PNE recorded a loss of €6 million in Q1

PNE said the fall in sales was down to a lack of projects completed in the quarter. The company has 95MW under construction in Germany and will look to sell them once completed.  

Pre-tax earnings for the developer resulted in a loss of €6 million, compared to a loss of €0.8 million in 2014. 

The company said Q1 had been a "very energetic" start to a "highly promising 2015". It said there had been progress on a number of its projects currently in development, but this was not reflected in its financial figures.

PNE's UK subsidiary has also been attracting attention from prospective shareholders interested in acquiring a share of PNE's UK projects, or the subsidiary itself.

The company said it was looking for a "financially strong partner" to help push forward its development pipeline. The UK unit has a pipeline of 1.1GW.

PNE CEO Martin Billhardt said the company was confident it would reach its 2014-2016 forecast.

In the offshore sector, the company has warned 'short-termism' under the German renewable law could have consequences for the company.

PNE has five offshore projects in its pipeline which will be affected by the decision to suspend far-from-shore applications by the German federal maritime agency. The suspension was as a result of the renewable energy law's cap on offshore capacity expansion. 

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