PNE AG: PNE WIND AG negotiates the sale of the remaining 20 percent stake in the wind farm portfolio
Cuxhaven, November 23, 2017 – PNE WIND AG is negotiating with Allianz Renewable Energy Fund II (AREF II) to sell the remaining 20 percent stake in PNE WIND Partners GmbH (formerly PNE WIND YieldCo Deutschland GmbH). The potential buyer is an investment company managed by Allianz Global Investors GmbH. PNE WIND AG and Allianz Global Investors GmbH have recently agreed on exclusivity in this respect.
The legally binding signing of the agreement on the proposed sale of the 20 percent stake is scheduled to take place in 2017, subject to the approval by the merger control authorities. Wind farm projects with a total capacity of 142.5 MW are bundled in PNE WIND Partners GmbH. Allianz Renewable Energy Fund II (AREF II) already acquired 80 percent of the shares in the company at the end of 2016.
This transaction also serves to finance the establishment of the new European portfolio with a capacity of up to 200 MW. The first wind farms with a total capacity of 43 MW will be commissioned by the end of 2017 as part of this portfolio. Further investments from the company’s own funds are planned up to the complete or partial sale of the new portfolio in 2020. Until the date of sale, PNE WIND AG expects increasing proceeds from the sale of electricity from its own wind farms.