Germany

Germany

PNE Wind increases offshore project pipeline

GERMANY: PNE Wind increased its offshore project pipeline during the first nine months of 2013, its Q3 results show.

Martin Billhardt, PNE Wind’s chairman of the board of directors
Martin Billhardt, PNE Wind’s chairman of the board of directors

PNE Wind acquired the Atlantis I to III projects in the German North Sea with a potential capacity of 1.2GW from struggling developer/manufacturer Bard in September.

The German wind developer recorded a 124% decrease in EBIT going from EUR 24.8 million in the first three quarters of 2012 to a loss of EUR 6 million compared with the same period in 2013.

The company’s revenue has almost halved from EUR 80.8 million in the first three quarters of 2012 to EUR 43.5 million in the same period in 2013.

PNE Wind completed the biggest capital transaction in the company’s history this year after it acquired an 83% stake in German wind developer WKN.

PNE Wind’s EUR 66.3 million bond was issued in the first half of the year and in the third quarter, the bond filled up to EUR 100 million.

WKN has a 1.7GW project pipeline under development, and PNE Wind Group companies are currently working on wind farm projects in 14 countries.

PNE Wind plans for a cumulative EBIT of EUR 60 to 72 million from 2011 to 2013 and also in 2014 and 2015.

Martin Billhardt, PNE Wind’s chairman of the board of directors said: "Based on the positive prospects facing the company and expectation to receive milestone payments from the offshore segment, we reaffirm our EBIT forecast.

"Taking the above factors into account — which should pay off in the short to long term — the results are within the expectations of the board of directors."

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