PNE Wind 'on target' for new portfolio and repositioning

GERMANY: PNE Wind's first quarter sales were down year-on-year, but subsequent new project investment and a new corporate bond mean its long-term strategy is on target, the developer stated.

PNE Wind is developing a 200MW pipeline of German and French projects it aims to complete by 2020
PNE Wind is developing a 200MW pipeline of German and French projects it aims to complete by 2020

The company made €10.9 million in sales in the first three months of the year, down 46% from the same period a year ago.

Its operating profit (Ebit) was also down year-on-year, from €333,000 in Q1 2017 to a €191,000 loss this year.

However, the company has since "succeeded in reducing both the liabilities and the long-term interest charges for PNE Wind in the future", the developer stated. It successfully placed a €50 million corporate bond, with which it aims to partly fund new wind projects and prepare for an expansion into solar PV, storage and power-to-gas with a focus on hydrogen.

PNE Wind also stated that during the period "values have been created, which, however, are not readily apparent", through investment in a 200MW pipeline, of German and French projects referred to as ‘wind farm portfolio 2020’.

The developer completed and commissioned the 16.5MW Looft repowering project in Scleswig-Holstein in the first quarter.

It started construction of the 21.6MW repowering of the Gerdau-Schwienau wind farm in Lower Saxony, which was successful in the first German tender round of 2018, while work also began on an unnamed 34MW site in Wangerland, Lower Saxony.

PNE Wind also received approval for the 21MW Kittlitz project in Brandenburg and for the 7.5MW Dargies 2 wind farm in Hauts-de-France, France in Q1 2018.

Markus Lesser, CEO of PNE Wind, said: "The current success confirms our strategy of further expanding our recognised qualifications in wind energy in various countries as well as in new markets. On this successful foundation, we continue to develop.

"As a clean energy solution provider, we want to extend our expertise to other international markets in the future.

PNE Wind added that the 200MW portfolio had accrued €16.1 million of earnings since 2017, of which €3.7 million was in 2018.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in