PNE Wind "well-positioned" for 2018 despite fall in revenue

GERMANY: PNE Wind has hailed financial results at the "upper end of its forecast", despite its operating profit falling 76.1% year-on-year.

The 43.2MW Kührstedt/Alfstedt wind farm is the first wind farm to be commissioned from PNE Wind's 200MW pipeline
The 43.2MW Kührstedt/Alfstedt wind farm is the first wind farm to be commissioned from PNE Wind's 200MW pipeline

The developer posted Ebitda of €23.1 million for 2017, down from €97 million in the previous year, while revenue fell 54.1% from €248.6 million to €114.1 million.

However, it recorded an increase in equity at the end of 2017 year at €493.3 million, up 14% year-on-year from €432 million.

PNE Wind sold its remaining 20% stake in a 142MW onshore wind portfolio last year, and also completed the sale of the 584MW Gode Wind 3 project to Ørsted.

It had posted an increase in operating profits after the first nine months of the year, and stated that this "create(d) scope" for a 200MW pipeline of unspecified wind projects.

It has since started work on this pipeline, and stated that it would consist of projects in Germany and France.

In December, it commissioned the 43.2MW Kührstedt/Alfstedt project in Lower Saxony, the first in the newly planned portfolio.

The developer also secured a new equity financing facility for the 200MW pipeline in November, arranging €25 million of funding from investment bankers, IKB Deutsche Industriebank AG.

It is now planning to expand into storage and power-to-gas with a focus on hydrogen, and expects operating profit for 2018 to range between €20 million and €26 million.

The company stated: "PNE Wind is well-positioned to meet the challenges of the future.

"The strategic realignment is intended to better compensate for fluctuations in operating business in individual markets in the future.

"At the same time, the company plans to open up new future markets for offering growth potential with the objective of stabilising and increasing earnings as well as raising the value of the enterprise consistently and sustainably.

"This requires investments that will pay off in the middle- and long-term."

In posting a squeezed operating profit for 2017, PNE Wind stated that the previous year had been an "extraordinarily positive" financial year for the company, due to it selling an 80% stake in a 142MW portfolio valued between €330 million and €360 million.

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