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PNE inks wind sale

Allianz unit agrees to buy 80% share of 142MW portfolio

PNE inks wind sale image

Developer PNE Wind has agreed to sell an 80% interest in a 142MW portfolio to a fund managed by Allianz Global Investors.

The YieldCo Deutschland onshore wind portfolio has a total enterprise value of more than €330m, PNE said.

Buyer AREF II Renewables Investment Holding, a unit of Allianz Renewable Energy Fund II, has the option to acquire another 10MW wind farm.

The closing of the contract is subject to an ongoing antitrust procedure that's expected to close by the end of the year, PNE said.

"Through the portfolio sale, we will now have the financial resources to be able to react flexibly and quickly to changes in the international markets and to expand our strategic investments,” PNE Wind chief executive Markus Lesser said.

“We also intend to invest in further wind farm projects,” he added. “With our strong brands and proven on and offshore development expertise, we are excellently positioned to benefit from the growing global demand for wind power and associated services.”

Image: PNE Wind

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