PNE swallows loss as it waits for offshore projects to bear fruit

PNE Wind has reached the point of no return in its embrace of offshore wind, swallowing sharply lower revenues and a net loss over the past six months as it waits for its offshore projects to begin bearing fruit.

8 August 2011 10:17 GMT Updated 21 December 2012 16:20 GMT

By Karl Stromsta

Long one of Germany’s leading independent onshore wind developers, PNE has steadily shifted its focus to the offshore arena in recent years, and its future is now inextricably tied to the first of its projects on the docket, the 252MW Gode Wind 2.

PNE raked in revenues of €16.6m ($23.8m) during the first half of 2011 – a 60% decline over the same period last year.

The

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PNE swallows loss as it waits for offshore projects to bear fruit