PNE buys Siemens' WKN stake

PNE Wind has raised its stake in fellow German developer WKN to close to 83%, after buying about 29% in the company from Siemens Project Ventures.

PNE says it will pay about €93m ($119m) in cash for the stake.

Cuxhaven-based PNE in April announced the purchase of a 54% controlling stake in WKN, which will continue to operate under its existing brand.

The company in the first quarter had posted a loss in earnings before interest and taxes (Ebit) of €2.5m, but said sales are rising and it will continue to receive substantial payments from Dong Energy for last year’s sale of three offshore projects.

In April PNE said it bought WKN’s shares to create “a new leading internationally active wind farm project developer”.

WKN, based in Husum, has fully developed projects totalling more than 1.1GW and has a 1.7GW pipeline.

It is active in Germany, France, Poland, Italy, the US, Sweden, South Africa, Ukraine and the UK.