PNE Group sold Swedish wind farm project "Hultema"

  • Wind turbines with a nominal output of around 60 MW planned
  • PNE Group acts as service provider for construction and operational management

Cuxhaven, March 15, 2021 - The PNE Group, which is internationally active in the development of wind energy and photovoltaic projects, has achieved another success in Sweden. The Swedish wind farm "Hultema" with a planned nominal capacity of around 60 MW, which was developed by the PNE Group, has been sold to the Swiss infrastructure fund Reichmuth Infrastruktur II KmGK.

Following the earlier sales of the Swedish wind energy projects "Målarberget" and "Laxaskogen" with a total nominal output of 138 MW, the PNE Group has thus realized a further project sale in Sweden. The "Hultema" wind farm is located in the southern part of Sweden and when completed will comprise of Siemens-Gamesa 6.6-155 wind turbines.

The wind farm "Hultema" was developed by the Swedish WKN subsidiary VKS Vindkraft Sverige AB, which belongs to the PNE Group. In addition, a comprehensive financing concept initially designed by Norddeutsche Landesbank Girozentrale (NORD/LB) was jointly further developed by the PNE Group, the investor, Newsec (acting as sales and financing advisor) and the bank consortium of NORD/LB (Debt Adviser and Mandated Lead Arranger) and Siemens Financial Services (SFS) through Siemens Bank (Mandated Lead Arranger). A long-term power purchase agreement (PPA) was concluded with Axpo for the marketing of electricity.

Construction started in February 2021 and this will be managed by the PNE Group as a service provider on behalf of the buyer. Commissioning is planned for mid-2023. After commissioning the PNE subsidiary energy consult GmbH will be responsible for the technical and commercial management of the wind farm.

Markus Lesser, CEO of PNE AG: "Our long-standing commitment in Sweden is once again paying off. I am pleased that we will continue to work with Reichmuth Infrastruktur II KmGK during the construction phase and subsequent operation of the wind farm. This shows the buyer's confidence in our competence."

Nicolas Wyss, Head Investment Management of Reichmuth Infrastructure, comments: "As a specialized asset manager in the infrastructure sector, we are looking for sustainable and responsible investment solutions with a stable return profile. With the "Hultema" wind farm, we can offer our clients an attractive and long-term investment opportunity and are pleased to have found an experienced project developer as a partner in the PNE Group."

Heiko Ludwig, Global Head of Structured Finance at NORD/LB, said: “We are delighted to have successfully achieved financial close of this milestone wind farm, providing support all the way to the very professional and committed teams of WKN, a member of PNE Group, and Reichmuth with NORD/LB structuring skills, alongside our partner SFS through Siemens Bank. Our in-depth knowledge of the Scandinavian market has enabled us to provide a tailor-made solution for our client. This marks our 10th transaction in the Nordics, representing a total generation capacity over 1,500 MWs, and we look forward to working again with both core clients and SFS .”

About PNE Group

The PNE Group is internationally active as one of the most experienced project developers of onshore and offshore wind farms and a "Clean Energy Solutions Provider". From the initial site investigation and the implementation of the approval procedures, through financing and turnkey construction, to operation and repowering, our range of services covers all phases of project planning and operation of wind farms. In addition to wind energy, photovoltaics, storage, support services and the supply of clean electricity also form part of our portfolio. We are also involved in the development of power-to-X solutions.


NORD/LB Norddeutsche Landesbank, based in Hanover, is one of Germany's leading commercial banks with total assets of EUR 129 billion. As an institute under public law, it is part of the S-Finanzgruppe. With a financing volume of around € 16 billion, it is one of the most important financiers of renewable energies and infrastructure projects worldwide. Other core business areas include corporate customers, special financing for aircraft, financing of commercial real estate via Deutsche Hypo, capital market business, the S-Group business with the savings banks as well as private and business clients including private banking.

About Reichmuth Infrastructure

Reichmuth Infrastructure is a specialized asset manager, part of the private banking group Reichmuth & Co, and since 2012 has focused on infrastructure investments in Switzerland and Europe in the areas of energy, transportation and waste management. Reichmuth Infrastructure offers institutional investors access to sustainable and responsible investment solutions with attractive long-term returns, and thus makes an active contribution to decarbonization and the green energy transition.

About Siemens Financial Services

Siemens Financial Services (SFS) – the financing arm of Siemens – provides business-to-business financial solutions. A unique combination of financial expertise, risk management and industry know-how enable SFS to create tailored innovative financial solutions. With these, SFS facilitates growth, creates value, enhances competitiveness and helps customers access new technologies. SFS supports investments with equipment and technology financing and leasing, corporate lending, equity investments and project and structured financing. Trade and receivable financing solutions complete the SFS portfolio. With an international network, SFS is well adapted to country-specific legal requirements and able to provide financial solutions globally. Within Siemens, SFS is an expert adviser for financial risks. Siemens Financial Services has its global headquarters in Munich, Germany, and has almost 3,000 employees worldwide.