June 15 (SeeNews) - German wind farm developer PNE Wind AG (ETR:PNE3) said on Friday it is selling its entire UK project pipeline, with a total capacity of nearly 1,200 MW, to Canadian asset manager Brookfield.
More specifically, the German company has agreed to sell its 90% stake in PNE Wind UK to Brookfield for about GBP 103 million (USD 160m/EUR 143m), including GBP 63 million in milestone payments that could be made through 2020.
The transaction involves the transfer of all employees in the UK, too. In addition, Brookfield is receiving an option to acquire a 70-MW project once it achieves certain milestones in the development process.
“This transaction represents a significant step in the achievement of our EBIT guidance,” said PNE’s CEO Martin Billhardt. To date, the company has invested a total of GBP 27 million in the development of its UK pipeline.
The 10% in PNE Wind UK that were held by a joint venture partner have now also been sold, the German company added.
In February, PNE said it was looking for a partner with the financial strength to aid in the quick development of its project pipeline in the UK. Now, the company pointed out that there was strong interest in the entire pipeline.
(GBP 1.0 = USD 1.554/EUR 1.387)