Euler Hermes Rating continues to rate PNE WIND AG as BBB-

(DGAP-Media / 11.04.2014 / 09:30)

Cuxhaven, April 11, 2014 - Euler Hermes Rating issues the credit rating and
future potential of the wind farm developer PNE WIND AG as BBB- (investment
grade) and indicates that a weakening of its rating is possible and
therefore assigns a negative outlook.

According to Euler Hermes, the project developer PNE WIND has a good
position in the German on- and offshore markets. Pursuant of energy and
climate targets, Euler Hermes expects a continuation of the long term
global expansion of the wind energy market, although there are some risks
in some countries with regards to government support mechanisms.

During the reported period under analysis, the profitability of PNE WIND AG
exhibited a rising trend. According to Euler Hermes, this is primarily due
to milestone payments received from offshore wind farm sales as well as the
increasing sales volume of German onshore projects. The PNE WIND Group
still even has a good capital structure following the acquisition of WKN
AG. On the basis of the existing financial instruments and the cash and
cash equivalents on hand, the financial flexibility is rated as
satisfactory despite volatile cash flows reports Euler Hermes.

During the 2014-2016 period, PNE WIND has to significantly improve its
onshore conversion efficiency in order to implement the projects in
planning, according to Euler Hermes Rating. From the perspective of Euler
Hermes, the project pipeline is subject to uncertainty and therefore holds
a weakening of its rating as possible.

Euler Hermes Rating GmbH Germany, a Company of Allianz, has issued company
ratings since the beginning of 2002. Additional information on Euler Hermes
Rating GmbH Germany can be found at the website www.eulerhermes-rating.com.
A summary of the rating report can be found at the website www.pnewind.com.


Company profile

With its headquarters in Cuxhaven, the PNE WIND - Group plans and realises
wind farm projects on land (onshore) and on the high seas (offshore). In
doing so, its core competence lies in the development, planning, financing,
operation, sales and service of wind farms. To date, the PNE Wind Group has
already developed wind farms with a total nominal output amounting to
nearly 2,000 MW.

In addition to its business activities in the established German home
market, PNE WIND AG is expanding into dynamic growth markets and is already
represented through joint ventures and subsidiary companies in 14 countries
in Europe, Africa and North America. In these countries wind farm projects
with a nominal output of approximately 4,800 MW are currently being
developed and are planned to be completed in the medium term.