Approval of offshore wind energy project Borkum Riffgrund II

On 30th December 2011, the Danish company, DONG Energy A/S, received the approval for the offshore wind power project, "Borkum Riffgrund II" from the Bundesamt für Seeschifffahrt und Hydrographie (BSH) (German Federal Maritime and Hydrographic Agency) in Hamburg.

PNE WIND AG was also involved from the very outset in the development of this North Sea wind farm, in which up to 97 wind turbines can be constructed. Initially, PNE WIND AG developed the project autonomously and later continued its development jointly with DONG Energy. After "Borkum Riffgrund II" was sold to DONG Energy at the end of 2009, PNE WIND AG remained involved as a service provider and also profits financially.

"Together with DONG Energy we are very happy about the approval. After all, this is the fourth offshore wind farm project to be approved, in which we have participated" says Thorsten Fastenau, Head of PNE WIND AGs offshore wind energy division. These include the "Borkum Riffgrund I" wind power project, which was also sold to DONG Energy with approval having been gained even before sale. DONG Energy is one of the leading companies in the offshore wind energy sector.

At that time, the sale transaction included an agreement on milestone payments to PNE WIND AG for reaching specific steps in the development of the projects. One of these milestones is the approval now granted. Thus, PNE WIND AG will now receive a further milestone payment in the medium single-digit million range.

Martin Billhardt, Chief Executive Officer of PNE WIND AG: "The four approvals which we have gained for offshore wind farm projects ourselves and in co-operation with competent partners such as DONG Energy illustrate the high level of professionalism with which these complex projects are carried out. In this respect we are also very well placed for the future."