PNE Wind reaps bond benefits

PNE Wind said the year it took over fellow German wind developer WKN was the most successful in its corporate history, and that it expects its operating income to remain at about the same high level for the coming three years.

“2013 was not only an exceptional year for PNE Wind AG in financial terms but it was also a year in which we laid the foundation for further development,” says chairman Martin Billhardt.

“The successful placement of our €100m ($138m) corporate bond, listed on the Prime Standard, provided us with the opportunity to take over approximately 83% of the shares in WKN AG, as well as acquire three offshore projects currently in the development stages.”

PNE said its operating income, or earnings before interest and taxes (Ebit) more than doubled to €45m in 2013 from €20.4m a year earlier. For the financial years from 2014 to 2016, management expects to achieve a cumulated operating income of €110m to €130m.

Revenues rose to €144m last year from €84.4m in the year-earlier period.

PNE Wind had a net income of €36.6m in 2013, up from €34.3m in 2012.

The developer at the end of 2013 had wind farms with a combined output of 43MW either completed or under construction in Germany.

As it expanded its operational activities early in 2014, it currently has wind parks with an output of 100MW under construction in its home market.

PNE Wind also has 153MW under construction in the US, and 12MW in France. In addition, major wind farm projects have been issued permits in the UK (20MW), Hungary (78MW), Romania (102MW) and Poland (32MW), the company said.