March 2 (Renewables Now) - Germany-based PNE Wind AG (ETR:PNE3) has further lifted its shareholding in domestic wind developer WKN AG by acquiring the 6% stake of domestic utility Enercity.
WKN, headquartered in Husum, is involved in the development of renewable energy projects, mostly wind, in Europe, the US and South Africa and had about 1,350 MW of projects in its portfolio as of January 2017. PNE Wind became its majority shareholder since 2013 and will now hold a stake of almost 89% in WKN.
Enercity announced its divestment in a press release on Friday, saying that the business no longer fits its strategy. “On the one hand, with a share of 6%, we are not in a position to steer the company strategically, on the other hand, the USA and South Africa are not our target areas, " explained Susanna Zapreva, Enercity’s CEO. Instead, the utility is seeking to expand its renewable energy activities, with Germany and the Baltic countries being priority locations.
Enercity acquired the 6% interest in WKN back in 2002. Meanwhile, PNE in 2013 built a stake of 82.75% in WKN through acquisitions from Siemens Project Ventures GmbH and Volker Friedrichsen Beteiligungs-GmbH.