Wind Turbine Blades

WFW advises PNE WIND AG on the sale of the offshore wind farm project portfolio Gode Wind I to III to DONG Energy Wind Power A/S for €157 million

16 August 2012


Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised PNE WIND AG on legal and tax matters relating to the sale of Gode Wind I, Gode Wind II and Gode Wind III, one of the largest offshore wind farm project portfolios in Germany, to DONG Energy Wind Power A/S (“Dong Energy”). This is the largest transaction in PNE WIND’s history.

All three wind farm projects are located in the North Sea, approximately 40 km north of the island of Norderney, in the German exclusive economic zone. The wind farm projects Gode Wind I and II have already been permitted by the Federal Maritime and Hydrographic Agency and are expected to be completed by 2015.

The Gode Wind III project is still in development stage. The shares in Gode Wind III will be transferred to DONG Energy once it has received its permit from the Federal Maritime and Hydrographic Agency. TenneT, a transmission system operator, has already given an unconditional grid connection confirmation for the Gode Wind I and II offshore wind farm projects.

PNE WIND AG will continue to support DONG Energy as a service provider for the next five years during the realisation of the projects. The sale of the Gode Wind portfolio, with a transaction volume of €157 m, is one of the largest offshore wind farm M&A transactions in Germany so far.

The buyer DONG Energy Wind Power A/S, a subsidiary of Denmark’s largest energy provider DONG Energy A/S, is a market leader in the offshore wind energy segment and its acquisition of the wind farm portfolio further strengthens its positioning in the German market.

Cuxhaven-headquartered PNE WIND AG plans and develops both onshore and offshore wind farm projects, and has so far built 97 wind farms with 563 wind turbines and total capacity of 804 MW.

WFW’s Hamburg team was, led by Corporate/Energy partner Dr. Malte Jordan. He was supported by tax partners Gerrit Bartsch and Lothar Wegener, as well as associates Dr. Wolfram Böge, Manuel Rolfes, Dr. Malte Koch (all Corporate/Energy) and Falko Keller (Tax).

Lead partner, Dr. Malte Jordan commented: “We are delighted to have advised PNE WIND AG on this transaction. It is another significant step for the German offshore wind energy market, which, despite the current difficult market situation, demonstrates the economic attractiveness of German offshore wind energy projects. These projects are going to make a significant contribution to Germany’s move from conventional energy sources towards renewable energies.”