Euler Hermes Rating has given the wind farm project developer, PNE WIND AG a creditworthiness and sustainability rating of BBB- (equivalent to “investment grade”).
With the realisation of the planned (foreign) projects and a corresponding stabilisation of income and cash flows, Euler Hermes Rating anticipates a positive development in the rating.
According to Euler Hermes decisive factors for the current rating are the current good capital structure and liquidity resulting from the sale of the “Gode Wind I to III” offshore wind farms. Due to the nature of the business, profitability and cash flow generation are subject to strong fluctuation. Liquidity is very dependent on project sales. In recent years PNE WIND AG has accelerated its project development activities which will lead to improving overall performance and increased profits in the coming years.
In Euler Hermes Rating’s opinion, PNE WIND AG as a wind farm project developer is well positioned in both the onshore and offshore sectors of the German market. In addition, the long term increase in the proportion of renewable energies, and in particular wind energy, is having a positive influence on the rating. With the now confirmed purchase of the majority shareholding in WKN AG, Husum, PNE WIND AG will significantly expand its project pipeline upon completion and simultaneously increase its diversification and presence abroad.
[mappress]
Press release, April 24, 2013; Image: pnewind