PNE Plans to Raise 80.3 Million Euros for German Wind Farms

PNE Wind AG, a German developer, plans to raise as much as 80.3 million euros ($104 million) to buy operating wind farms in Germany.

PNE plans to issue about 22.8 million new shares and 7.75 million new convertible bonds to raise the money to buy about 150 megawatts worth of wind farms in Germany, the Cuxhaven-based company said today in a statement on its website. The projects will be packaged into a separate unit and PNE will sell all or most of the shares in that unit to investors, it said.

“In the U.K. and the U.S., we see that investors are actively supporting companies (named yieldcos) which are capable of paying steady dividends from operational renewable energy assets,” Martin Billhard, PNE’s chairman of the board of directors, said in the statement.

“With our planned initial 150-megawatt portfolio, we aim to initiate such an independent yieldco which would acquire projects from the PNE Wind group and deliver stable dividends to its investors,” he said.

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