Germany-based energy project developer PNE AG increased its stake in its subsidiary WKN AG from 89.1 percent to 100 percent as part of its 'scale-up' strategy, the company announced Wednesday.
According to a statement issued by the company, PNE acquired a majority stake of almost 83 percent in the Husum-based wind farm developer in 2013.
'In February 2018, PNE increased its stake to 89.1 percent. Now, the company has acquired the remaining 10.9 percent as a final step,' the statement read.
The parties have agreed not to disclose the purchase price, it added.
PNE CEO Markus Lesser said the move represented 'another milestone' in the implementation of the company’s 'scale-up strategy'.
'This will enable us to further optimize workflows and processes and additionally strengthen the existing operational integration of the two companies. In this way, we can realize additional synergies and increase productivity,' he added.
With two brands PNW and WKN, the Cuxhaven-based PNW Group is a major wind farm developer in Germany. The company has also offices in the U.S., Romania and Turkey.
Last month, the group changed its name from PNE Wind AG to PNE AG (Pure New Energy) as part of a plan to expand operations to include other clean energy sectors.
By Hale Turkes
Anadolu Agency
energy@aa.com.tr