German PNE Wind buys three offshore projects in North Sea from Bard

Sep 18, 2013 - German wind park developer PNE Wind AG (ETR:PNE3) said on Tuesday it has acquired three North Sea wind farm projects in a planning phase with a total potential to generate up to 1.2 GW from troubled offshore developer Bard Engineering.

The purchase agreement's initial price is EUR 17 million (USD 22.7m) but the deal could amount to significantly more depending on additional variable instalment payments on reaching certain milestones, including the sale of the projects.

PNE Wind intends to move the projects through the permit stage until the phase of construction. The three wind farms are planned to consist of a total 240 wind turbines with a capacity of 5 MW each. The blueprints of the wind farms are currently awaiting approval from the Federal Maritime and Hydrographic Agency (BSH).

The company acquired the projects through its subsidiaries Atlantis I, II and III. Following the acquisition, PNE Wind is now participating in 12 offshore wind farm projects in the North Sea, six of which are solely owned.

PNE Wind said on Monday it secured financing for future projects by raising EUR 33.7 million in the second tranche of its 8% five-year bond, maturing in 2018.

Bard Engineering has been struggling on the offshore wind energy market and announced in August it would sell parts of its operations and reposition its business by providing services to third parties.

(EUR 1.0 = USD 1.336)

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