The closing of the deal is subject to several conditions. PNE Wind said that the agreed purchase price is in a lower double digit million Euro amount.

The seller may receive milestone payments as well. PNE will continue to take part in the project as a long-term service provider.

PNE Wind acquired the Atlantis I project in 2013. The upgraded project includes the installation of 73 multi megawatt class turbines at a site in the German Exclusive Ecomomic Zone.

PNE Wind CEO Markus Lesser said: “With the sale of this project, the team led by Thorsten Fastenau, head of our offshore wind division, demonstrated once again the excellent quality of our development work in offshore wind projects.

“This project was prepared by us so that it is eligible to participate in the first ever tender in Germany for offshore wind projects this year. This was instrumental in getting the deal done.”

Turbine model for the wind farm has not been decided yet. It is estimated that the monopile structures supporting the turbines can reach depths between 37m to 40m. The wind farm shall be spread in an area of about 47km2.

The wind farm is estimated to avoid about 830,000 tonnes of CO2 and 19,000 tonnes of SO2 emissions, and supply clean power to more than 400,000 German households annually.

Image: PNE Wind sells Atlantis I offshore wind farm to Vattenfall. Photo: Courtesy of PNE WIND AG.