PNE Wind sells its wind project pipeline in UK to Brookfile Brookfield

German wind farm developer PNE Wind has sold its entire project pipeline in the UK to Canada-based asset management company Brookfield for £103m.

Brookfield will pay £40m immediately while the remaining £63m will be paid as the projects reach certain milestones up to 2020.

Brookfield has acquired PNE’s entire portfolio of wind farm projects which has a combined output of approximately 1,200 MW.

PNE Wind has so far invested £27m on these its project pipeline in the country.

During its search for a partner for the projects, the company came to know that the buyers were interested in the entire project pipeline, which made the company sell 90% of its stake in the British subsidiary.

The remaining 10% share of PNE’s UK portfolio was owned by its Venture partner, which has also been sold.

PNE Wind CEO Martin Billhardt said: "In the UK, we have now sold the entire project pipeline developed by us over the past 6 years.

"This transaction represents a significant step in the achievement of our EBIT guidance.

"The extensive investments required during the development of the UK projects – which have resulted in planning permissions being granted as well as a Contract for Difference (CfD) being awarded for a ready-to-build project – are now paying off."