PNE Wind has completed the sale of the remaining 20% stake in a 142MW wind portfolio to a fund managed by Allianz Global Investors for approximately €23m.

The buyer is the Allianz Renewable Energy Fund II, which acquired an 80% interest in the portfolio at the end of last year.

PNE said the execution of the contract is still subject to the “approval of the banks”.

The company will continue to be the service provider for the technical and commercial plant management of the wind farms. 

PNE Wind chief executive Markus Lesser said: “This successful sale enabled PNE Wind to further increase liquidity. 

“This puts us in an even better position to build up the new European wind farm portfolio of up to 200MW, but also to strategically expand our business.”

The first wind farm in the portfolio totalling 43MW will come online by the end of 2017, PNE said.

PNE will continue to invest in the portfolio and plans to sell all or part of it in 2020.

Image: PNE Wind