Bremen-based project developer completes planned project divestment
Bremen, 8 November 2018.Energiekontor AG has sold the Bremen-Hemelingen wind farm to a Luxembourg investment firm that invests on behalf of several German insurance companies and pension funds. The Bremen-Hemelingen wind farm, which went into operation in July of this year, is located in the immediate vicinity of the Hansalinie business park on the A1 motorway. At the site, four Siemens wind turbines with a rotor diameter of 113 metres and total rated power of 12.8 megawatts generate an expected annual yield of around 30 million kilowatt hours. In theory, this would suffice to cover the needs of more than 8,000 households.
As the planning permission for this wind farm was granted before the end of 2016, the electricity produced at this location is remunerated at the attractive conditions of the old tariff system pursuant to the transitional provisions of the EEG 2017.
Peter Szabo, CEO of Energiekontor AG, expresses his satisfaction with the transaction: “The sale of the Hemelingen wind farm went according to plan and represents an important contribution to our net income for the year.” With regard to the latest auction results for onshore wind in Germany in October 2018, Szabo adds: “The dramatic undersubscription in the latest onshore wind auction this year illustrates the extent to which the special regulations for citizens’ energy initiatives applicable in 2017 still have an impact in 2018 and 2019. Following the massive drop in prices in the course of last year, Energiekontor was apparently not the only company that decided to redesign many projects in order to participate in future auctions with optimised parameters and thus secure the expected returns. These projects that had originally already been approved are now missing in the current auction rounds. On the other hand, this development naturally leads to a faster alignment of the levelized cost of electricity of wind farms and solar parks with that of conventional power plants. It continues to be our goal to give renewable energy sources a fresh boost by achieving a lower levelized cost of electricity in our projects than coal-fired and nuclear power plants.”
About Energiekontor AG:
For the last 25 years, Energiekontor has stood for a sound approach to business and a wealth of experience in wind power. Formed in Bremerhaven in 1990, the company was one of the pioneers in the industry and is now one of the leading German project developers. Its core business covers planning, construction and operational management of wind farms in Germany and abroad, and was expanded to include solar power in 2010. Energiekontor also currently owns and operates 34 wind farms and one solar park with total rated power of around 270 megawatts. Energiekontor AG now also intends to be a pioneer when it comes to economic viability in realising the first wind farms and solar parks at market prices without state subsidies in all target markets as quickly as possible.
In addition to its headquarters in Bremen, Energiekontor also maintains offices in Bremerhaven, Hagen im Bremischen, Aachen, Dortmund, Bernau (near Berlin) and Potsdam. The company also has branch offices in England (Leeds), Scotland (Glasgow), Portugal (Lisbon), the Netherlands (Nijmegen), the US (Austin/Texas and Rapid City/South Dakota) and France (Toulouse). The formation of an additional office in France is currently in the making.
Our track record speaks for itself: We have realised 119 wind farms with total rated power of around 950 megawatts and three solar parks with total rated power of about 30 megawatts. This corresponds to an investment volume of more than EUR 1.6 billion.
Energiekontor went public on 25 May 2000. The shares of Energiekontor AG (WKN 531350/ISIN DE0005313506) are listed in the General Standard segment of the Frankfurt Stock Exchange and can be traded on all German stock exchanges.
Head of Investor Relations
Tel.: +49 421 3304-0
Fax: +49 421 3304-444