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Germany

Germany

PNE Wind to refinance growth with new bond

GERMANY: PNE Wind plans to issue a bond to partly finance a 200MW pipeline and further grow the company, the developer stated.

PNE Wind will use the bond to refinance its development portfolio
PNE Wind will use the bond to refinance its development portfolio

The corporate bond would be worth approximately €50 million in total and individual bonds worth €1,000 would come with interest rates between 4% and 4.75%, the company added.

By issuing the bond, PNE Wind aims to partially refinance a 200MW pipeline consisting of wind farms in Germany and France, "expand (its) value chain", and "generally finance (its) organic and inorganic growth", the company stated.

The bond would have a term from 2 May 2018 to 2 May 2023.

PNE Wind had previously secured €25 million in equity funding from investment bankers, IKB Deutsche Industriebank, for the planned 200MW pipeline.

In its 2017 financial results in March, PNE Wind said it planned to expand into solar PV, storage and power-to-gas with a focus on hydrogen.

PNE Wind’s CEO Markus Lesser said the bond would help the company in its preparation for this repositioning.

"We intend to secure the financial resources for the implementation of these strategic measures at an early stage," said Lesser. 

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