EANS-Adhoc: PNE WIND AG sells shares in offshore projects "Borkum Riffgrund" I and II to DONG Energy

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Cuxhaven, December 16, 2009 - The wind farm developer PNE WIND AG (ISIN DE000A0JBPG2) sells its shares in the offshore wind farm projects "Borkum Riffgrund" I and II to the Danish utility group DONG Energy. Until now both companies held shares of 50 percent each in these projects. PNE WIND AG shall receive the purchase price in partial amounts as milestone payments when reaching determined steps in the project. PNE WIND AG immediately shall receive an initial payment of about 11.3 million Euros including reimbursement of advance payments already made and loans. As a whole the remaining payment of previously agreed purchase price of ca. 56 million Euros is brought forward and paid with a discount.

Due to this transaction PNE WIND AG´s EBIT will increase from 5 to 7 million Euros predicted so far to an approximate estimated 13 to 15 million Euros.

The project "Borkum Riffgrund I" with up to 77 wind energy systems and 277 MW total nominal output has already been approved. The approval procedure for "Borkum Riffgrund II" with up to 96 wind energy plants is under way.

It is agreed with DONG Energy that PNE WIND AG will continue contributing to the development of such two offshore wind farm projects in the North Sea, acting as a service provider for DONG Energy.

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In its offshore department PNE WIND AG currently is working on eight offshore projects in total. Three of those projects located in the North Sea already have been approved.

The offshore wind farm projects “Borkum Riffgrund I” (approval obtained) and “Borkum Riffgrund II” (currently in the approval process) are among the most advanced. For these projects it was intended that the shares of PNE WIND AG in the project companies would be reduced at the start of project financing, increasing the project partner’s shares accordingly.

PNE WIND AG now is selling its shares in the project companies earlier than originally intended and accordingly will receive payments earlier as well. At the same time PNE WIND AG will continue participating in the future development of these projects as a service provider and will benefit from them.

PNE WIND AG will intensely continue developing the other offshore wind farm projects.

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ots Originaltext: PNE Wind AG
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Public Relations
Rainer Heinsohn
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Branche: Alternative energy
ISIN:      DE000A0JBPG2
WKN:        A0JBPG
Index:    CDAX, Prime All Share, Technology All Share
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