PNE's earnings and operating profit increase

GERMANY: PNE recorded an operating profit in the first half of the year amid development of a new portfolio and a strategic repositioning.

PNE commissioned wind farms in France and Germany with a combined capacity of about 37.5MW in the first half of the year

Its sales of €28.4 million between 1 January and 30 June were down 28% from a year earlier, according to its first half results.

However, the developer’s earnings before interest, tax, depreciation and amortisation (Ebitda) of €8.7 million, was an improvement on the €1.7 million loss in earnings in the first half of 2017.

Meanwhile, its operating profit (Ebit) of €4.05 million also increased on last year, when it made a loss of €4.95 million.

The company said these positive results were due to the establishment of a 200MW pipeline of German and French projects it aims to complete by 2020, and from payments for the Gode Wind 3 offshore wind site, which it had developed prior to its sale to Ørsted.

It received a payment of "around €4 million" after Gode Wind 3 won a licence in the most recent German offshore tender, it stated.

Elsewhere, projects included in PNE’s ‘wind farm portfolio 2020’ have accrued about €18.8 million since 2017, the developer stated.

Of this total, about €6.5 million was generated in the first half of the year, it added.

However, the company noted some earnings from this portfolio have not yet been realised, and would increase upon its complete or partial sale.

The developer commissioned wind farms in France and Germany with a combined capacity of about 37.5MW in the first half of the year.

PNE also won contracts for projects with a combined capacity of 49.1MW in the German onshore tenders in February and May, and received permits for a 14.1MW wind farm in France.

In April, the German company issued a €50 million bond to finance its 200MW pipeline and to expand into solar PV, storage and power-to-gas with a focus on hydrogen.

It rebranded from PNE Wind to PNE in June to reflect these changes.

Markus Lesser, CEO of PNE, said: "These results show how well we are positioned in our core business: the development of wind farms on land and at sea.

"This is the basis on which we are strategically developing into a clean energy service provider. In this way, we are specifically expanding our service sector and expanding our services to include new technologies and markets."