PNE eyes IRA boost for US renewables business sale

PNE believes the market boost from the climate-boosting Inflation Reduction Act could help the German renewables developer attract buyers for its US business, which includes a 1.1GW development pipeline of wind and solar projects spread across the country.

It has hired financial services company Nomura Group to help with the sale.

PNE hopes IRA incentives such as restoring the production tax credit – available for new-build onshore wind farms – could make its business more attractive to potential buyers.

“We think the demand for project pipelines in development and ready-to-build as well as experienced teams to sell our activities in the US is currently particularly high due to the Inflation Reduction Act,” it stated.

PNE’s US pipeline includes about 435MW of onshore wind farms and about 700MW of solar PV projects – all of which could be incorporated with green hydrogen production, it suggested.

A number of potential acquirers have now submitted non-binding offers, PNE added. No decision has yet been made on whether the sale will go ahead or at what price.

“If an agreement on the sale of the US business is actually concluded, this could lead to the generation of corresponding extraordinary income, depending on the respective purchase price,” PNE stated.

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