Germany

Germany

PNE Wind shares soar following Dong deal

€8.5m service contract part of Gode Wind sale

The financial fortunes of German wind developer, PNE Wind, have improved since it sold its Gode Wind offshore wind projects to Dong Energy.

Shares in Frankfurt-listed PNE Wind rose almost 17% yesterday and have risen further today. Yesterday's increase was the company's largest one-day advance since late 2008.

The surge has reduced PNE Wind's share price decline for the year to date to just over 12%. It continues to forecast EBIT of €60-72m for the 2011-2013 period.

A five-year service contract worth up to €8.5m was part of PNE Wind's deal with Dong. The two companies have done business in the past, with Dong buying PNE Wind's stake in Borkum Riffgrund 1 and 2 in 2009.

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