EANS-News: PNE WIND AG receives milestone payment for the offshore project "Borkum Riffgrund I"

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Company Information/Offshore wind farm

Cuxhaven (euro adhoc) - 28th February 2011 - The Danish company DONG Energy A/S has now officially advised PNE WIND AG, that it has decided to construct and finance the offshore wind farm "Borkum Riffgrund I" in the North Sea. PNE WIND AG had been developing the offshore wind farm "Borkum Riffgrund I" since 2011 at first alone and then in a joint venture with DONG Energy and had sold this project to DONG Energy at the end of 2009 after receiving the approval of the Bundesamt für Seeschifffahrt und Hydrographie (Federal Maritime an Hydrographic Agency). However, PNE WIND AG is continuing to develop this project as service provider on behalf of DONG Energy.

DONG Energy is amongst the leaders in the offshore energy sector. It intends to begin with the construction of "Borkum Riffgrund I", its first German wind farm, in 2013 investing about 1.25 billion EUR. 89 Siemens wind energy systems with a nominal output totalling about 320 megawatts will be constructed and are to be commissioned in 2014. In addition, DONG Energy is also developing the offshore wind farm "Borkum Riffgrund II" further, having also purchased it from PNE WIND AG at the end of 2009.

At the time of sale, milestone payments for reaching additional specified stages in the development of this project were agreed. One of these milestones is the decision concerning the construction and financing of the project. Thus, PNE WIND AG is receiving a further milestone payment amounting to 6.4 million EUR.

Company profile

PNE WIND AG with its headquarters in Cuxhaven develops and implements wind farm projects on land (onshore) and at high sea (offshore). Its core competence is the development, planning, implementation and financing of wind farms and their operation or sale including subsequent service. So far, the company has set up 97 wind farms with 563 wind energy systems and a total nominal output of 804 MW.

Alongside its business activities in the established German home market, PNE WIND AG is also increasingly investing in dynamic growth markets and has subsidiaries and representations via joint ventures in Hungary, Bulgaria, Romania, Turkey, the UK, USA and Canada. Wind farm projects with a nominal output of about 3,450 MW are currently being processed in these countries and are to be implemented in the medium term. In Germany (onshore) currently wind farm projects with a nominal output of more than 800 MW are being processed.

Furthermore, PNE WIND AG develops offshore wind farm projects, three of which have already been approved in German waters. Entering promising foreign markets is also being examined for the offshore area.

end of announcement                               euro adhoc


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