Germany: PNE WIND Receives Further Milestone Payment from ‘Gode Wind’ Sale

The wind farm project developer, PNE WIND AG, has received a further milestone payment amounting to EUR 25 million from the sale of the offshore wind farm projects, “Gode Wind” I to III.

The prerequisite for this payment was the creation and handover of a foundation ground expertise for the Danish energy corporation, DONG Energy as purchaser of the offshore projects. This has already been posted to the balance sheet in the 3rd quarter of 2012 by PNE WIND AG was reviewed by DONG Energy and now paid.

At the conclusion of the purchase agreement in August 2012 PNE WIND AG had already received an immediate payment amounting to about EUR 57 million for the shares and the project development costs incurred in advance.

After the partial payment already made, a further approx. EUR 75 million are to be expected which will become due upon reaching specified project stages. These include mainly the investment decisions (FID) taken by DONG Energy for the “Gode Wind I and II” projects.

[mappress]

Press release, January 31, 2013; Image: PNE