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Future of German developer Plambeck's hangs in the balance
1 May 2005
Germany's Plambeck Neue Energien says it will install 120 MW of wind plant in 2005 compared with 73.6 MW in 2004, but the modest business expansion might not be enough to keep the company afloat. Publication of the company's 2004 results had to be postponed last month while the long time wind developer negotiated new project credit lines while maintaining its existing loans. "The outcome of the talks is of decisive significance," Plambeck says. Earlier this year, Plambeck provisionally revealed a net loss of EUR 188 million for 2004 compared with a loss of EUR 6.5 million in 2003. A potential improvement in Plambeck's finances may result from a planned sale of its 80% stake in French wind developer Ventur to environment and energy company Theolia, based in Aix-en-Provence, France. In Germany Plambeck has also sold the 15 MW Kemberg wind project of ten Nordex turbines in Saxony Anhalt to an international investor for an undisclosed price. The station will be completed in the summer. Despite its troubles, Plambeck has applied to test a 5 MW prototype turbine from Repower Systems at the Cuxhaven wind turbine test site. It won one of five test slots at the test station in bidding that took place in May 2004 and signed contracts for the site in March. Plambeck is based in Cuxhaven.
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