German wind farm developer PNE Wind has sold its entire project pipeline in the UK to Canada-based asset management company Brookfield for £103m.
Brookfield will pay £40m immediately while the remaining £63m will be paid as the projects reach certain milestones up to 2020.
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Brookfield has acquired PNE’s entire portfolio of wind farm projects which has a combined output of approximately 1,200 MW.
PNE Wind has so far invested £27m on these its project pipeline in the country.
During its search for a partner for the projects, the company came to know that the buyers were interested in the entire project pipeline, which made the company sell 90% of its stake in the British subsidiary.
The remaining 10% share of PNE’s UK portfolio was owned by its Venture partner, which has also been sold.
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By GlobalDataPNE Wind CEO Martin Billhardt said: "In the UK, we have now sold the entire project pipeline developed by us over the past 6 years.
"This transaction represents a significant step in the achievement of our EBIT guidance.
"The extensive investments required during the development of the UK projects – which have resulted in planning permissions being granted as well as a Contract for Difference (CfD) being awarded for a ready-to-build project – are now paying off."
