PNE to grow in-house wind portfolio to 500 MW by end-2023
"Courtesy of PNE WIND AG"
In order to keep sales and earnings “at a high level,” Germany’s PNE AG (ETR:PNE3) will not sell any of the projects bundled in its 2020 wind farm portfolio and focus on expanding its in-house operation assets to up to 500 MW by end-2023.
The wind project developer currently operates 130.1 MW of wind farms and has more than 5,200 MW under development at home and abroad. In a press release on Wednesday, it said that, through the new strategy, it will seek to reach its medium-term guidance of boosting its average earnings before interest and tax (EBIT) by 30%- 50% earlier than the original 2023 deadline.
To achieve that goal, PNE will keep for itself the projects it has already developed or built under the 2020 portfolio, managing them on its own. Individual projects, however, particularly those abroad, will still be marketed.
"With the decision to strengthen our in-house wind farm operations, we are consistently implementing the new strategic orientation of the PNE Group,” said CEO Markus Lesser, adding that the move will further improve sales and earnings and at the same time lower fluctuations related to project development.
PNE booked earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 31.6 million (USD 34.3m) in 2019 and EBIT of EUR 19 million. While EBIT was in the upper end of its guidance, EBITDA surpassed the company’s projections of EUR 25 million-30 million.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.