PNE Wind Seeks $1.1 Billion Loan for German Offshore Wind Farm

PNE Wind AG (PNE3), a German developer, is seeking about 800 million euros ($1.1 billion) in loans to finance a wind farm in the North Sea.

PNE Wind, which has installed 97 wind projects to date, plans to start building the 252-megawatt Gode Wind II park north of the island of Norderney by 2013, Martin Bilhardt, chief executive officer of the Cuxhaven-based company, said in an interview in New York.

The 84-turbine plant would cost 1.2 billion euros in total, Bilhardt said, adding that he has “already received soft commitments from about 10 banks” for the money.

Those banks may provide 50 million euros to 100 million euros each, he said. In addition, PNE Wind is looking for an investor to provide equity for the project. That may be a pension fund or other financial investors forging a strategic partnership, he said.

The company plans to complete the transaction by the third quarter, Bilhardt said. Vestas Wind Systems A/S will supply its V112 wind turbines, he said.

Agreements are also in place with MT Hojgaard A/S for the single-pole foundations that support the turbines, Alstom Grid GmbH for the plant’s transformer station and Draka Norsk Kabel AS for the internal cabling.

Germany is seeking to boost its offshore wind capacity to help meet its target of generating 18 percent of energy from renewable sources by 2020. The government plans to have 10 gigawatts of wind power at sea by then.

To contact the reporter on this story: Sally Bakewell in New York at sbakewell1@bloomberg.net

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

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