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P&T makes a comeback in Germany after troubled times
1 June 2004
After a troubled period almost completely out of the public eye, wind project developer P&T, a stock exchange listed company in Germany, was out to make an impact at the Hamburg WindEnergy trade fair. It effectively re-launched at the event after two troubled years and a round of restructuring. Managing director Michael Bode says P&T's new message is simply: "We are here, back on the scene." The company has now fully taken over a financial subsidiary, European Energy Consult Holding, the management of which is now running P&T. Company finances received a boost in November from the sale of rights to 300 MW of Spanish wind developments to an incumbent utility, reportedly Iberdrola. The utility has provided the development guarantees demanded by the Andalucian government and is currently negotiating with Spanish subsidiary P&T Tecnologia Iber to continue with the project development. P&T says it will earn EUR 5-7 million during the period to 2007 from the sale of its Spanish project portfolio and from other projects brought online.
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