PNE Plans to Raise 80.3 Million Euros for German Wind Farms

Sept. 11 (Bloomberg) — PNE Wind AG, a German developer,
plans to raise as much as 80.3 million euros ($104 million) to
buy operating wind farms in Germany.

PNE plans to issue about 22.8 million new shares and 7.75
million new convertible bonds to raise the money to buy about
150 megawatts worth of wind farms in Germany, the Cuxhaven-based
company said today in a statement on its website. The projects
will be packaged into a separate unit and PNE will sell all or
most of the shares in that unit to investors, it said.

“In the U.K. and the U.S., we see that investors are
actively supporting companies (named yieldcos) which are capable
of paying steady dividends from operational renewable energy
assets,” Martin Billhard, PNE’s chairman of the board of
directors, said in the statement.

“With our planned initial 150-megawatt portfolio, we aim
to initiate such an independent yieldco which would acquire
projects from the PNE Wind group and deliver stable dividends to
its investors,” he said.

To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Tony Barrett

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