PNE Wind sells to Allianz remaining 20% in yieldco

German wind farms developer PNE Wind AG (ETR:PNE3) has completed the sale of the last 20% in its yieldco that holds a 142.5-MW portfolio of wind farms.

The company said in a press release on Thursday that the interest in PNE Wind Partners GmbH, formerly PNE Wind YieldCo Deutschland GmbH, was unloaded to Allianz Renewable Energy Fund II (AREF II) for around EUR 23 million (USD 27.5m). The fund company, managed by Allianz Global Investors GmbH, bought an 80% in the yieldco at the end of 2016.

Following the transaction, PNE Wind will continue to provide technical and commercial operations management and oversee the ongoing operation of the wind parks.

As previously announced, the sale will help PNE Wind expand its operations and finance the creation of a new European portfolio totalling up to 200 MW. The company was able to “further increase its liquidity,” CEO Markus Lesser noted.

PNE Wind expects to commission the first 43 MW of capacity of the 200-MW portfolio by the end of this year. It plans to make further investments using own resources until it partially or fully sells the new facilities in 2020. Until then, the group expects to raise funds from selling electricity from its own wind farms.

(EUR 1.0 = USD 1.195)

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