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Germany

Germany

PNE Wind increased earnings create scope for 200MW pipeline

GERMANY: PNE Wind's earnings for the first nine months of the year were buoyed by the sale of project rights in the USA and Sweden.

PNE Wind currently has projects under construction in France and Germany with a total output of 94MW
PNE Wind currently has projects under construction in France and Germany with a total output of 94MW

The developer’s operating profit (EBIT) of €23.65 million was up from €7.18 million a year before, while its revenues rose from €77.09 million in the first nine months of 2016 to €81.23 million this year.

PNE Wind said its results "create scope" for a 200MW pipeline of unspecified wind projects.

"We are currently in a transitional phase — although operationally and economically successful. The wind energy industry is changing and the framework conditions are also changing considerably," said PNE Wind CEO Markus Lesser.

"On the other hand, we are implementing a strategic concept that will be published in November. The very good economic result after nine months gives us the necessary scope for implementing this strategy," he added.

The developer’s subsidiaries sold the 80MW Vivaldi Springtime in Montana, US, to Pattern Development in July, and the Laxåskogen project in southern Sweden to an unnamed German private investment group in September.

PNE Wind also sold an 80% stake in a 142MW portfolio of German projects in December 2016. The enterprise value of the four sites was increased from approximately €330 million to €360 million because the developer optimised its project financing, PNE Wind said.

The value of the company’s remaining 20% stake in 142MW portfolio was thereby increased, the developer added, increasing its EBIT by approximately €5.4 million.

PNE Wind currently has projects under construction in France and Germany with a total output of 94MW.

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