Wind farm developer PNE WIND AG has sold its U.K. project pipeline totaling 1.2 GW to Brookfield Renewable Energy Partners for approximately $158.7 million.
According to PNE, the deal also includes the employees of PNE Wind UK. Additionally, Brookfield has an option to purchase a 70 MW project when it reaches certain milestones in the development process.
In February, PNE WIND says it began searching for a financially strong partner to jointly develop PNE WIND UK's wind farm pipeline. However, over the course of the discussions with interested parties, it became clear that investors were interested in acquiring the entire project pipeline, the company notes.
Brookfield Renewable Energy Partners owns and operates 250 renewable assets, diversified across 74 river systems and 14 power markets in North America, Latin America and Europe.
PNE WIND was advised from the merchant bank Augusta & Co. and law firm Watson Farley & Williams on the transaction.