PNE Group sold Swedish wind farm project "Hultema"

The PNE Group, which is internationally active in the development of wind energy and photovoltaic projects, has achieved another success in Sweden. The Swedish wind farm "Hultema" with a planned nominal capacity of around 60 MW, which was developed by the PNE Group, has been sold to the Swiss infrastructure fund Reichmuth Infrastruktur II KmGK.

Following the earlier sales of the Swedish wind energy projects "Målarberget" and "Laxaskogen" with a total nominal output of 138 MW, the PNE Group has thus realized a further project sale in Sweden. The "Hultema" wind farm is located in the southern part of Sweden and when completed will comprise of Siemens-Gamesa 6.0-155 wind turbines.

The wind farm "Hultema" was developed by the Swedish WKN subsidiary VKS Vindkraft Sverige AB, which belongs to the PNE Group. In addition, a comprehensive financing concept initially designed by Norddeutsche Landesbank Girozentrale (NORD/LB) was jointly further developed by the PNE Group, the investor, Newsec (acting as sales and financing advisor) and the bank consortium of NORD/LB (Debt Adviser and Mandated Lead Arranger) and Siemens Financial Services (SFS) through Siemens Bank (Mandated Lead Arranger). A long-term power purchase agreement (PPA) was concluded with Axpo for the marketing of electricity.

Construction started in February 2021 and this will be managed by the PNE Group as a service provider on behalf of the buyer. Commissioning is planned for mid-2023. After commissioning the PNE subsidiary energy consult GmbH will be responsible for the technical and commercial management of the wind farm.

Markus Lesser, CEO of PNE AG: "Our long-standing commitment in Sweden is once again paying off. I am pleased that we will continue to work with Reichmuth Infrastruktur II KmGK during the construction phase and subsequent operation of the wind farm. This shows the buyer's confidence in our competence."

Nicolas Wyss, Head Investment Management of Reichmuth Infrastructure, comments: "As a specialized asset manager in the infrastructure sector, we are looking for sustainable and responsible investment solutions with a stable return profile. With the "Hultema" wind farm, we can offer our clients an attractive and long-term investment opportunity and are pleased to have found an experienced project developer as a partner in the PNE Group."

Heiko Ludwig, Global Head of Structured Finance at NORD/LB, said: “We are delighted to have successfully achieved financial close of this milestone wind farm, providing support all the way to the very professional and committed teams of WKN, a member of PNE Group, and Reichmuth with NORD/LB structuring skills, alongside our partner SFS through Siemens Bank. Our in-depth knowledge of the Scandinavian market has enabled us to provide a tailor-made solution for our client. This marks our 10^th transaction in the Nordics, representing a total generation capacity over 1,500 MWs, and we look forward to working again with both core clients and SFS .”