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.