• Project sold to Swedish utility Vattenfall
• Further milestone payments agreed
• PNE WIND remains involved in project as service provider

Cuxhaven, January 9, 2017 – PNE achieved another important success in its offshore wind division: The offshore project “Atlantis I”, located in the North Sea, was sold to Swedish utility Vattenfall. Vattenfall is one of the most experienced companies for the realization and operation of offshore wind projects in Europe. Project “Altantis I” will be handed over to Vattenfall upon closing of the sale and purchase agreement, which is still subject to various closing conditions, for a purchase price in a lower double digit million Euro amount. PNE will also participate in the further value-add of the project achieved by Vattenfall through milestone payments, and will remain involved in the project “Atlantis I” as service provider.

„With the sale of this project, the team led by Thorsten Fastenau, head of our offshore wind division, demonstrated once again the excellent quality of our development work in offshore wind projects”, says Markus Lesser, CEO of PNE WIND AG. And adds: “This project was prepared by us so that it is eligible to participate in the first ever tender in Germany for offshore wind projects this year. This was instrumental in getting the deal done.”

PNE WIND acquired the project in 2013 and has continuously developed it ever since. In doing so, the project parameters could be upgraded so that now 73 multi megawatt class wind-turbines can be installed. The project is located in the North Sea in the German Exclusive Ecomomic Zone, appr. 84 kilometers off the island of Borkum in north-westerly direction

As in previous divestitures of the offshore wind projects „Borkum Riffgrund” and “Gode Wind”, PNE WIND will remain involved in the further development of project “Atlantis I” as long-term service provider, contributing its outstanding expertise.