PNE WIND AG: 80 percent stake in a 142 MW wind farm portfolio has been sold to a subsidiary of Allianz Global Investors
- Largest wind farm sale in the company’s history
- Liquid funds for strategic investments
- PNE WIND retains 20 percent of the portfolio and provides operational management services
PNE WIND signed this weekend a contract representing the largest onshore wind farm sale in the company’s history. The 142 MW wind farm portfolio has a total enterprise value exceeding euro 330 million. 80 percent of the shares in the portfolio were sold to a subsidiary of AREF II Renewables Investment Holding S.à r.l. Additionally an option is in place for a further 10 MW wind farm.
The buyer is a subsidiary of the energy and infrastructure fund Allianz Renewable Energy Fund II, which is managed by Allianz Global Investors GmbH (AllianzGI). The remaining 20 percent of the wind farm portfolio will continue to be held by the wind power specialist PNE WIND. In addition, PNE WIND will benefit from long-term sustainable earnings amounting to a double-digit million figure from the ongoing operation and operational management of the wind farms. The closing of the contract and therefore the payment of the purchase price is still subject to an ongoing antitrust procedure. This procedure is expected to be closed by yearend. With the closing of the contract this year, this sales transaction is a major step towards attaining the earnings guidance of a consolidated EBIT up to euro 100 million for the financial year 2016.
Successful long-term development
PNE WIND has been investing in the construction of the wind farm portfolio since 2014. The completed wind farms were successively bundled and were held up to now as own operations. In the portfolio, two turbines with a nominal output of 6 MW are still under construction. An additional wind farm with approximately 10 MW is currently in the planning permission procedure and will be integrated into the portfolio later. The wind farm portfolio will generate sufficient environmentally friendly electricity to cover the average annual demand of around 125,000 households.
Markus Lesser, CEO of PNE WIND AG: “We are delighted to have found a reliable and long-term partner with AllianzGI, which values the quality of our wind farms and our operational management services. We see the sale of the wind farm portfolio to one of Germany’s largest institutional investors as evidence to the quality of our projects. PNE WIND, through its remaining 20 percent holding in the portfolio, will continue to benefit over the long term from the operations and by providing services to the wind farms.
Liquid financial resources for further development
With the sale of the wind farm portfolio, the foundation for the future development of PNE WIND AG has been strengthened. Markus Lesser: “Through the portfolio sale, we will now have the financial resources to be able to react flexibly and quickly to changes in the international markets and to expand our strategic investments. We also intend to invest in further wind farm projects. With our strong brands and proven on and offshore development expertise, we are excellently positioned to benefit from the growing global demand for wind power and associated services. The PNE WIND Group remains on course for future developments.”
Additional income from own operations and wind farm management services
Through holdings in operational wind farms and by expanding the service business, PNE WIND is building upon its core business of wind farm project development. PNE WIND remains the technical and commercial manager of the wind farm portfolio and also operates the related transformer substations. PNE WIND has shown that it is capable to regularly bring high-quality wind farm projects of significant size to the market. In the last few years, the sale of offshore projects to a Danish energy company and the sale of the British project pipeline represented very successful transactions.