Wind Turbine Blades

WFW advises PNE WIND AG on the acquisition of three offshore wind farm projects

20 September 2013


Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised PNE WIND AG (“PNE”) on the acquisition of three offshore projects from BARD Engineering GmbH.

The three acquired offshore projects are located in the German Exclusive Economic Zone (EEZ) in the North Sea. According to current plans 240 wind energy plants with a capacity of 5 MW each are expected to be built.

WFW comprehensively advised PNE on the contract negotiations for the acquisitions, which were made through PNE’s three project companies, “Atlantis” I to III. PNE intends to develop the acquired projects through the permitting process and up until the point where they are ready to construct.

The PNE WIND AG subsidiaries will pay €17 million upon completion of the purchase agreement which is dependent of various closing conditions. Additional variable instalment payments, which could amount to significantly more than the fixed payment, will be due to the seller as the projects reach certain milestones in their development or have been sold.

Cuxhaven-based PNE plans and develops onshore and offshore wind farm projects with 100 wind farms and 575 wind turbines built to date, with a total capacity of 828 MW. These additional projects will take PNE’s’ offshore wind farm portfolio to 12 of which six are own wind farm projects and the other six are serviced by PNE.

Lead partner Dr. Malte Jordan says: “We are delighted that we were able to successfully advise PNE WIND AG on this transaction and following the acquisition of WKN AG can jointly continue the targeted strengthening of their national and international offshore activities.”

The team was led by Hamburg based partner Dr. Malte Jordan (Energy/Corporate). He was supported by partners Dr. Ivana Mikešić (Regulatory, Frankfurt) and Gerrit Bartsch (Tax, Hamburg) as well as associates Dr. Manuel J. Rolfes (Energy/Corporate, Hamburg) and Dr. Christine Bader (Regulatory, Hamburg).