German renewable energy developer PNE AG has divested its American arm to investor Lotus Infrastructure Partners, marking a strategic move aimed at bolstering its presence in Europe. The transaction encompasses PNE USA Inc, headquartered in Chicago, along with its extensive project portfolio, comprising 18 wind, photovoltaic, and energy storage projects with a combined capacity exceeding 3GW, spread across various development stages.
Both entities have opted to keep the financial details under wraps, with only an initial payment disclosed at the time of closure. Further payments are contingent upon the progress of the projects, as per the agreement.
“We're pleased to have found an experienced partner in the energy sector who will take over our business, including the project pipeline,” stated a spokesperson for the Cuxhaven-based developer. “This is good for our colleagues in the US, because it means they can continue to pursue the projects they initiated and lead them on to successful completion. And it's a good day for PNE AG, too. We can now focus on further growth as an independent power producer (IPP) in Europe.”
The sale proceeds are slated to be channeled into fortifying PNE's European operations, aligning with the objectives outlined in the company's Scale Up 2.0 strategy, which entails a significant expansion of its own-operation portfolio.
