Two German offshore wind projects now owned by Dong Energy – Gode Wind 1 and 2 – are likely to be "realised faster" thanks to the fact that both have received an unconditional grid connection guarantee and a specific connection completion date from transmission system operator, TenneT.
The two projects, which are designed to have a combined capacity of 584MW (332MW and 252MW respectively), were originally developed by PNE Wind and sold to Dong Energy in August.
Issuing its latest financial results, PNE Wind predicted that Gode Wind 1 and 2 are likely to be prioritised by their new owner, now that the Danish offshore wind giant has declared its Borkum Riffgrund 2 on hold.
PNE Wind was also the original developer for Borkum Riffgrund 1 and 2. The former is "developing positively", with construction due to begin next year and first power expected in 2014, according to PNE Wind. Dong owns 50% of the 277MW Borkum Riffgrund 1 project.
Less positively, Dong has stopped working on the 349MW Borkum Riffgrund 2 offshore wind farm because TenneT has not provided a specific grid connection completion date for this project. Without such a date, Dong risking being liable for financial losses if it were to build the project ahead of grid connection.
PNE Wind continues to develop three offshore wind projects in the German North Sea – Nemo, Nautilus 1 and Jules Verne. Depending on the choice of turbine, the three projects could have a combined installed capacity of up to 1.4GW, according to the developer.
In addition, PNE Wind is acting as a service provider for the six German offshore wind projects it has already sold. These are: Borkum Riffgrund 1 and 2, Gode Wind 1, 2 and 3 (the latter is to be acquired by Dong once permitting is complete) and Nautilus 2.
Thanks to the successful sale of the Gode Wind projects to Dong in August, PNE Wind has translated previously-reported losses into profit. Its accounts for the first nine months of 2012 record revenue of €80.9m and an EBIT of €24.9m.
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