EANS-News: PNE WIND AG sells offshore wind farm project, "Gode Wind II" to the Danish investor, Brancor Capital Partners

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Company Information/Contracts

Subtitle: • Transfer of 50.1 percent of the shares on 29th December
2011 in return for payments in the first quarter 2012 • Further
payments at financial close and upon commissioning of the tenth wind
turbine

Cuxhaven (euro adhoc) - 29th December 2011 - The wind farm project
developer, PNE WIND AG (ISIN: DE000A0JBPG2) is selling its shares in
PNE Gode Wind II GmbH, in which the offshore wind farm project "Gode
Wind II" is being developed, to HYSSING
Vermögensverwaltungsgesellschaft mbH, which is held by the Danish
Brancor Capital Partners APS. The agreed purchase price for all
shares of PNE Gode Wind II GmbH is based on a valuation of about EUR
317,000 per MW including the already invested development costs. The
transfer of 50.1 percent of the shares will take place on 29th
December 2011 as condition precedent to a first significant payment
on 29th February 2012 and a further instalment becoming due on 25th
March 2012. This is to equip Brancor Capital Partners APS with the
necessary time to pay the agreed purchase price. The remaining 49.9
percent of the shares is to be transferred on receipt of the second
purchase price rate. With financial close the third payment is
agreed. As the last payment, the last smaller instalment is to be
paid on commissioning of the tenth wind turbine.

The 50.1 percent share transfer will have a positive effect on PNE
WIND AG´s corporate EBIT in the year 2011 if the purchase prices are
paid as planned. In addition, there will be a revaluation of the
initially remaining 49.9 percent of the shares within the company due
to the IFRS accounting within the corporation, which will have an
additional positive effect on the 2011 corporate EBIT. Against this
background PNE Wind AG expects to realise a major part of its
corporate forecast for the financial years 2011 to 2013 of cumulated
EUR 60 to 72 million in 2011 already.

The two contracting parties have agreed that PNE Wind AG shall
continue to be involved in the project development. The wind farm is
planned to be located in the North Sea, about 38 kilometres offshore
of the island of Norderney and has already been approved by the
Bundesamt für Seeschifffahrt und Hydrographie (BSH) (German Federal
Maritime and Hydrographic Agency). The intention is to construct 84
offshore wind energy plants with a nominal output totalling 252 MW in
"Gode Wind II".

"The purchase price is in line with our expectations and, as is usual
in offshore transactions, will be paid in several instalments. Due to
the condition precedent of the entire contract until payment of the
first purchase price instalment, the sale is still in the balance.
However, we have great confidence that Kim Brangestrup, the
shareholder in Brancor Capital Partners, will acquire the capital for
HYSSING Vermögensverwaltungsgesellschaft mbH in time", said Martin
Billhardt, Chairman of the Board of PNE WIND AG.

PNE WIND AG has already made considerable advance investments in the
offshore wind farm so that its construction can take place quickly.
PNE WIND AG received the unconditional agreement for the network
connection of this wind farm from the responsible transfer network
operator TenneT at the end of June 2011, after its call for tender
for the acquisition of the network connection components was
concluded. In the meantime, this has been commissioned by TenneT and
is under construction.

For the construction of "Gode Wind II" PNE WIND AG has already
concluded a supply contract with the manufacturer, Vestas, for 84
Type V112 wind energy systems and preliminary contracts for the
supply of 84 monopile foundations with MT Højgaard A/S, for the
supply of the internal farm cabling with Draka Norsk Kabel AS and for
the supply of the wind farm´s transformer substation with ALSTOM Grid
GmbH.

PNE Wind AG was advised in this transaction by Augusta & Co (London)
and Watson Farley & Williams (Hamburg).

Company profile

PNE WIND AG, which is headquartered in Cuxhaven, plans and implements
wind farm projects on land (onshore) and at high sea (offshore). Core
competencies are in the development, planning, implementation and
financing of wind farms, as well as their operation and sales with
associated service. So far, the company has installed 97 wind farms
with 563 wind power plants and a total capacity of 804 MW.

Besides business activities in the established German domestic
market, PNE WIND AG is increasingly expanding into dynamic growth
markets and is already represented through joint ventures and
subsidiaries in Hungary, Bulgaria, Romania, Turkey, United Kingdom,
USA and Canada. In these countries, wind farm projects with a
capacity of up to 3,725 MW are currently being implemented for the
medium term. In Germany (onshore) wind farm projects with a nominal
capacity of more than 1,100 MW are currently in progress.

Furthermore, PNE Wind AG develops offshore wind farm projects, of
which three major projects in German waters have already been
approved. Entry into promising foreign markets will also be examined
for the offshore area.

Further inquiry note:
PNE WIND AG
Presse und Öffentlichkeitsarbeit
Rainer Heinsohn
Tel: +49(0) 47 21 - 7 18 - 4 53
Fax: +49(0) 47 21 - 7 18 - 3 73
E-mail: info@pnewind.com

Investor Relations
cometis AG
Ulrich Wiehle / Janis Fischer
Tel: +49(0)611 - 205855-64
Fax: +49(0)611 - 205855-66
E-mail: fischer@cometis.de

end of announcement euro adhoc
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company: PNE WIND AG
Peter-Henlein-Str. 2-4
D-27472 Cuxhaven
phone: +49(0)4721 718 06
FAX: +49(0)4721 718 373
WWW: http://www.pnewind.com
sector: Alternative energy
ISIN: DE000A0JBPG2, DE000A0B9VG7 DE000A0Z1MR2 DE000A1EMCW3
indexes: CDAX, Prime All Share, Technology All Share
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
Hamburg, Stuttgart, Düsseldorf, Hannover, München
language: English