German developer PNE AG has sold its US business to investor Lotus Infrastructure Partners for an undisclosed sum.
The deal includes PNE USA Inc, based in Chicago, and the company’s project pipeline. This currently consists of 18 wind, photovoltaic and energy storage projects with a total output of over 3GW, all at differing stages of development.
Both parties agreed not to disclose the purchase price and a downpayment was made at closing. The majority of further payments will depend on the progress of the projects.
“We’re pleased to have found an experienced partner in the energy sector who will take over our business, including the project pipeline,” said 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.”
PNE plans to invest the proceeds of the sale in its European business so to meet the targets of the company’s Scale Up 2.0 strategy, which include a massive expansion of its own-operation portfolio.