Acquisition of 400MW German offshore wind farm

Wind farm developer PNE WIND AG once again has a 100 percent stake in the offshore wind farm project “Gode Wind I”. PNE WIND AG had a 10 percent holding in the project after 90 percent of its shares in the company were sold to the Dutch firm Econcern N.V. in 2007. In May 2009, Econcern N.V. went into administration. During negotiations with the insolvency administrator from Econcern N.V. and the Royal Bank of Scotland Plc, who are entitled to particular security interests of the project company PNE Gode Wind I GmbH, a purchase could be achieved by PNE WIND AG gaining exclusive shareholder rights once again. In connection with the purchase and the release of securities, PNE WIND AG is paying out a single-digit million euro contribution which can increase by the same amount once again under certain conditions.

“In this way we are opening up new opportunities for ourselves in the offshore field”, explains Martin Billhardt, chairman of PNE WIND AG, with regards to the significance of this deal. Through the purchase, he sees the position of his company in the future market of offshore wind energy as considerably strengthened: “We are in an excellent position. With the exclusive ownership of “Gode Wind I” we have opened up an attractive source of earnings for the future.”

The offshore wind farm project “Gode Wind I” has already been approved by the Bundesamt für Seeschifffahrt und Hydrographie (Federal Maritime and Hydrographic Agency). In this project up to 80 offshore wind turbines can be set up with a power output of up to 400 MW. PNE WIND AG will now press ahead with the technical development of “Gode Wind I” together with the already approved offshore wind farm project “Gode Wind II”, in which a further 80 offshore wind turbines also with a power output of up to 400 MW can be set up. PNE WIND AG now owns a 100 percent shareholding in both offshore wind farms

Both of these offshore wind farm projects are at a particularly advanced stage of development as they have already passed the exacting approval procedure of the Bundesamt für Seeschifffahrt und Hydrographie (Federal Maritime and Hydrographic Agency). PNE WIND AG is working together on the on-going technical development of this project with the worldwide leading wind turbine manufacturer, Vestas, which brings previous experience of constructing and handling offshore wind farms in several European countries into the partnership.

Furthermore, according to Thorsten Fastenau, Head of the Offshore Field at PNE WIND AG: “The projects “Gode Wind I and II” are taking place on the North Sea, around 38 kilometres north of Juist Island and therefore just off the coast. We intend to quickly develop both projects for further building work.” Beginning of realisation is planned to commence in 2011/2012.

At present, PNE WIND AG is dealing with a total of eight offshore projects, for two of which it is acting as a service provider in project development. PNE WIND AG is proceeding with the development of these projects intensively.

PNE WIND AG was advised in this deal by the investment bank Augusta & Co, London, and the law firm Taylor Wessing, Berlin.