Credit rating remains unchanged

Cuxhaven, April 10, 2015 - The rating of the international wind farm developer PNE WIND AG remains unchanged: Creditreform Rating today set the rating of PNE WIND AG initially to BB-, as had the Euler Hermes rating agency before. The decisive factor for the rating assessment is the currently adequate financing structure combined with a well filled project pipeline. When this is implemented as planned, corresponding sales, earnings and liquidity contributions are to be expected in the future. However Creditreform Rating sees significant risks may arise for the Group. The YieldCo strategy for the German market will lead to a higher level of advance financing required up to the realisation of earnings. As Creditreform also says, the asset, financial and earnings situation will be influenced by typical project risks from the onshore and offshore business activities in Germany and abroad. In addition, the agency is expecting short-term potential risks due to the covenant breach at the level of the WKN AG subgroup and the dispute with a member of the Supervisory Board and majority shareholder. Should these risks materialise, potentially a deterioration of the rating can be expected.

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