PNE Wind AG, a German developer of onshore and offshore wind farms, says it has completed the sale of an 80% interest in a 142 MW wind portfolio for a purchase price of approximately EUR 103 million – the largest wind farm sale in its corporate history.
As reported, 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).
PNE Wind says that once the Federal Cartel Office grants its approval, the sale can be consummated.
“With AllianzGI, we have found a reliable and long-term partner for this wind farm portfolio. We are delighted; this shows confidence in our wind farms and our operational management services,” says Markus Lesser, CEO of PNE Wind. “Owing to the sale, PNE Wind now has a high level of liquidity, which forms the basis for further projects and investments. Furthermore, the segments electricity production and services for wind farms could be strengthened.”
The remaining 20% of the wind farm portfolio will continue to be held by PNE Wind. In addition, the company will continue to be active as a service provider for the operational management of the wind farms in the long term.
According to the company, PNE Wind has been investing in the construction of the wind farm portfolio since 2014. The completed wind farms were successively bundled in this company. In one of the wind farms sold, two turbines with a total 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 enough electricity to cover the average annual demand of 125,000 households, PNE adds.