PNE Wind to get EUR 45m for Gode Wind offshore projects

Nov 19, 2013 - German wind park developer PNE Wind AG (ETR:PNE3) said on Monday it will receive EUR 45 million (USD 61m) for the Gode Wind offshore projects, it had developed, following Danish utility Dong Energy's decision to build the wind farms.

Dong Energy acquired the Gode Wind 1, 2 and 3 projects from PNE Wind in August 2012. According to the deal, in addition to the upfront payment of EUR 57 million, Dong Energy will make additional payments following the achievement of certain milestones such as an investment decision to construct the wind farms.

The Danish utility announced yesterday it has decided to finance the construction of the Gode Wind 1 and 2 farms with a capacity of 330 MW and 252 MW, respectively. The wind power facilities will be located around 45 km (28 miles) off the German coast in the North Sea. Construction is scheduled to begin in the first half of 2015.

PNE Wind will continue to act as the service provider in the development of the projects, the company added.

(EUR 1.0 = USD 1.351)

Choose your newsletter by Renewables Now. Join for free!