EANS-News: PNE WIND AG completes the largest business transaction in the firm's
history: three offshore wind projects sold to DONG Energy for euro 157 million
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Joint Ventures/Cooperation/Collaboration/Company Information
Cuxhaven (euro adhoc) - 14. August 2012 - The wind farm project developer, PNE
WIND AG (ISIN: DE000A0JBPG2), sold its offshore wind parks "Gode Wind" I, II and
III to the Danish energy company DONG Energy. The projects "Gode Wind" I and II
are now 100% owned by DONG Energy. For the projects inclusive development
costs, PNE WIND AG has already received an upfront payment of euro 57 million.
With the successful completion of predetermined project development steps,
approximately euro 100 million in additional milestone payments are expected to
become due till 2015. Substantial milestones include the final investment
decision for the "Gode Wind" I and II projects. The "Gode Wind III" project
rights will be transferred to the buyer when the permit from the German Federal
Maritime and Hydrographic Agency (BSH) is issued. In addition to the above
mentioned items, PNE WIND AG will as part of the transaction support the
projects as a service provider to DONG Energy for the next five years. The
service contact has a value of up to euro 8.5 million.
All three of the "Gode Wind" projects are located 38 to 40 kilometres north of
the Norderney Island in the North Sea. The "Gode Wind" I and II projects have
both been issued building permits from the BSH and brought to the ready-to-build
point of development. Furthermore, TenneT has issued an unconditional grid
connection guarantee. The "Gode Wind III" project is in an earlier stage of
development and current efforts are targeted at obtaining the building permit as
quickly as possible.
CEO Martin Billhardt comments, "This deal marks the most important business
transaction in PNE WIND AG's history. The deal solidifies our financial base and
the funds provide resources for further project development and a perspective to
pay dividends to our shareholders. With this transaction, PNE WIND AG and DONG
Energy will continue to build on the excellent relationship which began with the
"Borkum Riffgrund" projects. The first payment of euro 57 million has already
been paid by DONG Energy. We herewith reconfirm our cumulative EBIT guidance of
euro 60 to 72 million for the fiscal years 2011 to 2013."
PNE WIND AG advisors during this transaction were Augusta & Co. (London) for
commercial affairs and Watson Farley & Williams (Hamburg) for legal affairs.
Further inquiry note:
PNE WIND AG
Leiter Unternehmenskommunikation
Rainer Heinsohn
Tel: +49(0) 47 21 - 7 18 - 4 53
Fax: +49(0) 47 21 - 7 18 - 3 73
E-mail: info@pnewind.com
Investor Relations
Scott McCollister
Tel: +49(0) 47 21 - 7 18 - 4 54
Fax: +49(0) 47 21 - 7 18 - 3 73
E-mail: scott.mccollister@pnewind.com
Investor Relations
cometis AG
Ulrich Wiehle / Janis Fischer
Tel: +49(0)611 - 205855-64
Fax: +49(0)611 - 205855-66
E-mail: fischer@cometis.de
end of announcement euro adhoc
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company: PNE WIND AG
Peter-Henlein-Str. 2-4
D-27472 Cuxhaven
phone: +49(0)4721 718 06
FAX: +49(0)4721 718 373
WWW: http://www.pnewind.com
sector: Alternative energy
ISIN: DE000A0JBPG2, DE000A0B9VG7 DE000A0Z1MR2 DE000A1EMCW3
indexes: CDAX, Prime All Share, Technology All Share
stockmarkets: free trade: Hannover, Berlin, München, Hamburg, Düsseldorf,
Stuttgart, regulated dealing/prime standard: Frankfurt
language: English