Energiekontor sells 12.8-MW German wind farm

German wind project developer Energiekontor AG (ETR:EKT) said today it has completed the planned disposal of a 12.8-MW wind farm in Germany.

The buyer of the Bremen-Hemelingen wind power facility is a Luxembourg investment firm that invests on behalf of several German insurance companies and pension funds.

The wind farm, located near Hansalinie business park on the A1 motorway, consists of four Siemens wind turbines and has been in operation since July 2018. Permitted before the end of 2016, it receives attractive remuneration for its electricity under the old tariff system of the Renewable Energy Act (EEG).

Chief executive Peter Szabo said the sale will be an important contribution to the company's net profit for the year.

Szabo also commented on the significant undersubscription in the latest onshore wind tender in Germany, saying this "illustrates the extent to which the special regulations for citizens' energy initiatives applicable in 2017 still have an impact in 2018 and 2019."

The wind tender in October got just under 400 MW of bids, while the tender volume stood at 670 MW.

"Following the massive drop in prices in the course of last year, Energiekontor was apparently not the only company that decided to redesign many projects in order to participate in future auctions with optimised parameters and thus secure the expected returns. These projects that had originally already been approved are now missing in the current auction rounds," he added.

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