2009: Strategic sale: Borkum Riffgrund I + II

On 16 December 2009, PNE WIND AG sold its shares in the “Borkum Riffgrund I” and “Borkum Riffgrund II” offshore wind farm projects to the Danish energy supply company DONG Energy Power. The two companies previously each held a 50 per cent stake in the projects developed by PNE. 

The agreement stipulated that the purchase price would be paid in the form of milestone payments – with each instalment due when certain stages of progress were reached in the project. When the contract was signed, PNE received an initial payment of around 11.3 million euros, including the repayment of advance financing and loans. The remaining purchase price of around 56 million euros was repaid in an accelerated process and discounted over the following years. 

At the time, “Borkum Riffgrund I” with up to 77 wind turbines and a nominal output of 277 megawatts had already been approved. The “Borkum Riffgrund II” project with up to 96 wind turbines, meanwhile, was still going through the approval process. 

As part of the agreement, PNE continued to perform project development tasks and acted as a service provider to help DONG Energy Power with the ongoing realisation of the two offshore wind farms in the North Sea.