German Offshore Gode Wind II Back on the Market

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Researched by Industrial Info Resources Europe (Galway, Ireland)--The sale of PNE Wind's (Cuxhaven, Germany) Gode Wind II offshore wind project in the German North Sea has fallen through, after the buyer, Brancor Capital Partners APS (Copenhagen, Denmark), missed the first two payments.

The sale of the project, agreed on December 29, 2011, did not become effective because HYSSING Vermogensverwaltungsgesellschaft mbH, held by Brancor Capital Partners APS, did not make the payments on March 23, as agreed.

The deal, finalized in late December, would have seen Brancor pay out €317,000 ($420,000) per megawatt (MW) for the 252-MW project--equivalent to nearly €80 million ($106 million). The money was to be paid in three installments, with the first two--due on February 29 and 23 March--covering 50.1% of the total. The remaining 49.9% was to be paid upon the commissioning of the tenth of 84 Vestas V112 turbines that will be installed at the project.

The collapse of the deal is another setback both for the loss-making PNE and the ill-fated Gode Wind II project, which despite being in an advanced stage of planning, has struggled to reach financial closure. In addition to Vestas, MT Hojgaard A/S (Soborg, Denmark) has been engaged to supply the monopile foundations, while Draka Holding NV (Amsterdam, Netherlands) will supply inter-array cables. Alstom S.A. (ENX:ALO) (Paris, France), will deliver the offshore substation.

The Dutch-German transmission system owner TenneT (Arnhem, Netherlands) has contracted ABB Limited (NYSE:ABB) (Zurich, Switzerland) to build the DolWin2 offshore transmission "cluster," which will harness Gode Wind II and several other projects. For additional information see August 8, 2011, article - ABB Wins $1 Billion German Offshore Wind Power Transmission Grid Link.

PNE has announced that it will now conduct sales discussions with other parties interested in purchasing the Gode II windfarm. The Gode I and Gode III Offshore wind projects are also being developed by PNE, although neither of these is being offered for sale.

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