Germany's PNE mulls wind yieldco

Martin Billhardt has lauded the effect of PNE's planned yieldco

PNE's Martin Billhardt

German developer PNE Wind said it may set up a yieldco-style power-producer business for its operating onshore assets.

PNE – which also owns a majority stake in fellow German developer WKN – said it had “observed with interest” the successful capital-raising of new IPP entities over recent months.

CEO Martin Billhardt told investors an IPP venture could become “a new pillar” for the group.

“With our majority shareholding in WKN, the business volume of the group has now reached the size and scope required to consider entering into such a business,” Billhardt said.

“We are therefore considering the establishment of an IPP/Yieldco for our onshore projects which are about to be constructed and mostly representing German wind farms."

Yieldcos have become a staple of the renewables financial landscape over the last 18 months, as developers attempt to create value from the predictable, long-term income from their assets.

The PNE Group has a global onshore pipeline of more than 5GW at various stages of development, about 1.3GW of which is in Germany.

PNE is also working on 13 offshore wind projects with a notional capacity of 4.7GW.

Billhardt’s comments came as PNE unveiled a first half operating profit (Ebit) of €2.8m, against a loss of €5.6m at the same stage in 2013.

That was thanks to revenues that surged to €117.9m from just €21.7m a year ago.

The half year net loss shrank to €2.36m from an €8.8m deficit a year earlier.

Billhardt said: "We are now harvesting the fruit of our rigorous project development work in recent years.

“The increased implementation of wind farms ensures continuous returns and we confirm our forecast of achieving a cumulative Ebit of €110m to €130m for the financial years 2014 to 2016."

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