Wind farm developer PNE Wind made a loss of €7.3m in the third quarter of 2015, compared with a profit of €4.9m in the same period last year.
The company said the decrease can “mainly be attributed to the group’s internal development of yieldco projects”.
At the end of the third quarter, the company had wind farms with approximately 119.8MW of nominal output were under construction (46.2MW) or commissioned (73.6MW), of which 57.6MW were transferred to the yieldco after the wind farm was commissioned.
For the first nine months of the year, PNE Wind made an operating profit of €16.7m up from €7.7m last year.
“Despite the high level of investments being made in our yieldco projects, the results benefited from the first positive effects out of the sale of our UK subsidiary,” the company said.
PNE Wind said the yieldco will have up to approximately 150MW, with 93.9MW already in operation or are under construction.
It added that the yieldco requires major investments and as at 30 September, the company had already invested € 54.8m of its own funds.
PNE Wind interim chief executive officer and chief operating officer Markus Lesser said: “While the realisation of the yieldco is connected with significant upfront costs, we are sure that this will pay off for PNE Wind and our shareholders.
“These investments are creating highly valued assets which generate stable income from the sale of electricity, as well as from the operation and management of the wind farms.
“Against this backdrop, it is important to continually observe market developments surrounding v yieldcos and to examine in the near future how best to achieve the best result in light of our overall strategic approach.”
Image: PNE Wind
