The wind farm project developer, PNE WIND AG is selling its shares in PNE Gode Wind II GmbH, in which the offshore wind farm project “Gode Wind II” is being developed, to HYSSING Vermögensverwaltungsgesellschaft mbH, which is held by the Danish Brancor Capital Partners APS.
The agreed purchase price for all shares of PNE Gode Wind II GmbH is based on a valuation of about EUR 317,000 per MW including the already invested development costs. The transfer of 50.1 percent of the shares will take place on 29th December 2011 as condition precedent to a first significant payment on 29th February 2012 and a further instalment becoming due on 25th March 2012. This is to equip Brancor Capital Partners APS with the necessary time to pay the agreed purchase price. The remaining 49.9 percent of the shares is to be transferred on receipt of the second purchase price rate.
With financial close the third payment is agreed. As the last payment, the last smaller instalment is to be paid on commissioning of the tenth wind turbine.
The 50.1 percent share transfer will have a positive effect on PNE WIND AGs corporate EBIT in the year 2011 if the purchase prices are paid as planned. In addition, there will be a revaluation of the initially remaining 49.9 percent of the shares within the company due to the IFRS accounting within the corporation, which will have an additional positive effect on the 2011 corporate EBIT.
Against this background PNE Wind AG expects to realise a major part of its corporate forecast for the financial years 2011 to 2013 of cumulated EUR 60 to 72 million in 2011 already.
The wind farm is planned to be located in the North Sea, about 38 kilometres offshore of the island of Norderney and has already been approved by the Bundesamt für Seeschifffahrt und Hydrographie (BSH) (German Federal Maritime and Hydrographic Agency). The intention is to construct 84 offshore wind energy plants with a nominal output totalling 252 MW in “Gode Wind II”.
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Offshore WIND staff, December 29, 2011; Image: pne