PNE Wind recorded a loss of €1.4m in the first half of 2016, compared with a profit €24m in the same period last year.
The company blamed the high expenses related to the construction of wind farms, “which first need to be sold before they can be recognized as earnings” for the negative impact on the results.
It added that the first half of 2015 was “very successful due to the sale of the UK business” and so a “comparison based solely on the half year results provides limited insight into developments”.
PNE generated sales of €44.8m in the first half of 2016, down from €71.9m in the same period of 2015.
It said onshore wind farms Westerengel and Apensen II were completed and commissioned in the first six months of the year, while the Köhlen, Holzthaleben and Altenbruch repowering started construction.
The company said it continues to be a service provider for Dong Energy’s Borkum Riffgrund II offshore wind farm, while it is preparing the Atlantis I project for Germany’s offshore tender in 2017.
Work on projects in France and Poland as part of a framework agreement with John Laing Investments is expected to begin by the end of 2016.
Image: PNE Wind
