Corporate News



April 19, 2012 – WKN USA CEO recognized as Finalist in this Year’s M&A Advisor’s 40 UNDER 40 Awards

SAN DIEGO, CA – From a large field of US and international nominees, M&A Advisor has awarded Florian Zerhusen as a Finalist in its annual Top 40 Under 40 Awards. On May 31, a black-tie Award Gala at the Hollywood Roosevelt Hotel in Los Angeles, California will celebrate the achievements of these young entrepreneurs to “recognize the emerging leaders of the M&A, Financing and Turnaround industries”, says M&A Advisor’s CEO Roger Aguinaldo.

Florian Zerhusen founded WKN USA at the age of 25 after working in the investment banking field. The German born has successfully developed and constructed state of the art wind projects and closed the only corporate M&A transaction in the wind industry last year. WKN USA is notably the only renewable energy company represented.

An independent judging panel of distinguished business leaders included Eric J. Ivester, Partner, Skadden Arps Slate Meagher & Flom, LLC; Francis Acquila, Partner, Sullivan and Cromwell; John K. Castle, Chairman, Castle Harlan; Sharon Bailey, Principal, Beckett Advisors, Inc.; Laura M. Brank, Partner and Russia Practice Head, Dechert; Lee Duran, Partner, BDO USA, LLP; Darin Facer, Director, AlixPartners; Melissa Kibler, Sr Managing Director, Mesirow Financial Consulting; Joseph O’Donnell, Vice President, Investigative Management Group; and Brian Shofield, Director, Lampert Debt Advisors.

WKN USA, LLC is a joint venture between Germany’s BayWa AG and WKN AG. Based in San Diego, WKN USA is a leading turn-key developer of renewable energy projects. Formerly operating under Windkraft Nord USA, Inc., the company is now greatly expanding its capabilities since BayWa AG, through its wholly owned subsidiary BayWa r.e GmbH, acquired a majority stake. Visit www.wknusa.com.

The M&A Advisor has been presenting, recognizing the achievement of and facilitating connections between the world’s leading mergers and acquisitions, financing and turnaround professionals since 1998, with a comprehensive range of services. Visit www.maadvisor.com.

The M&A Advisor recently released a press release listing the Winners and Finalists of the 3rd Annual 40 UNDER 40 M&A Advisor Recognition Awards – West Region. The West Region consists of the following states: Alaska, Arizona, California, Colorado, Hawaii, Idaho, Kansas, North Dakota, Nebraska, New Mexico, Nevada, Oregon, Oklahoma, South Dakota, Texas, Utah, Washington, and Wyoming.

December 19, 2011 – Nordex receives 30 MW order from WKN USA

Twelve N100 turbines for Texas / first joint project

Hamburg, 19 December 2011. Nordex USA, Inc. announced a new order from developer WKN USA, LLC, a BayWa Group Company, for its 30 MW Mozart Wind Farm. The 12 Nordex N100/2500 wind turbines on 80 meter towers will be located about 60 miles northwest of Abilene, Texas, in an area that led the country in wind energy installations over the last decade. The N100's proven performance record makes it an excellent fit for the site's IEC Class IIa wind regime.

WKN USA is well-known for its track record of developing and constructing high quality wind farms. Based in San Diego, it became the first German developer to successfully develop and construct a commercial size wind project in the United States. In August 2011, BayWa AG through its wholly owned subsidiary BayWa r.e GmbH acquired a majority stake in WKN USA. This marks the first turbine order in the United States for BayWa, continuing its success in the European renewable market.

"We are very pleased to begin working with Nordex in the US. We have always valued the quality of their turbines, their engineering expertise and their creative solutions," commented Florian Zerhusen, Founder & CEO of WKN USA, LLC. "We see this order as a first step in extending the success of both of our companies in the American market."

Nordex will begin delivery of the turbines in late August 2012 and will be responsible for their installation and commissioning. Commercial operation is scheduled for mid-December and an Extended Service contract with a 2-year term has been agreed. The turbines will generate enough energy to power about 9,000 homes. The nacelles will be produced at Nordex' new plant in Jonesboro, Arkansas.

"We are honored that WKN has selected Nordex for the Mozart Wind Farm. They are widely respected as an international leader in turnkey renewable energy projects and undertook a rigorous review of our technology and our capability," said Ralf Sigrist, President & CEO of Nordex USA, Inc. "As a growing global company, we know it is important to solidify our existing business connections while we continue our expansion in the Americas."

By the end of this year Nordex will have installed 447.5 MW of its 2.5 MW turbines in Pennsylvania, Maryland, Wisconsin, Minnesota, Colorado, Idaho and Iowa and around 4.300 MW of such turbines worldwide since the year 2001.

Nordex - a profile
As a technological leader among suppliers of megawatt turbines, Nordex benefits particularly from the global trend towards large-scale wind turbines. The product range includes one of the largest series wind power systems in the world (N80/2500, N90/2500, N100/2500, N117/2400) with more than 1,700 of these turbines having been produced to date. This means that Nordex has a crucial edge in terms of experience in operating large turbines compared to most of its competitors in the sector. Overall, Nordex has installed a more than 4,700 turbines with a capacity in excess of 7,100 MW around the world. With exports accounting for over 90 percent of its business, Nordex also has a strong position in international high-growth regions. The company has offices and subsidiaries in 19 countries. In total, the Group employs more than 2,700 people worldwide.

About BayWa/WKN USA
BayWa AG is an international trading and services Group with headquarters in Munich and locations in 16 countries throughout Europe and the US. Founded in 1923, the BayWa Group employs more than 16,000 individuals in its three core segments: Agriculture, Building Materials and Energy. The Group has concentrated all of its renewable activities under BayWa r.e. and is active in the field of wind, solar and biogas. Through its recent acquisition of WKN USA, LLC, BayWa continues to expand into the North American market.

August 29, 2011 – BayWa continues to expand its international operations by entering the US wind power business

Munich, 29 August 2011 - BayWa AG is expanding its international operations by stepping up its activities in the field of renewable energies: The trading group has entered the wind power project business in the USA through its wholly-owned US subsidiary BayWa r.e USA LLC. BayWa r.e has acquired 70 percent of WKN USA, LLC from Windkraft Nord USA, Inc., a subsidiary of WKN AG. WKN AG is an international wind power project management company based in Germany in which, among other companies, Siemens Project Ventures GmbH (SPV), part of Siemens Financial Services (SFS), also holds shares. A stake of 30 percent in the shares in WKN USA will remain with WKN AG and the management.

Due to the assumption of net liabilities of approximately USD 15 million, the acquisition of the company shares does not result in the payout of a purchase price.
WKN USA has established itself as a well-known project developer of wind farms and, along with other projects, has built the USA’s highest wind park to date with a hub height of 105 meters for an Italian energy provider.

BayWa has secured great potential for realising onshore wind projects in a number of US federal states through this new investment in the USA. The project pipeline comprises around 110 megawatts (MW) in ready-to-build projects plus a pipeline of 1,000 MW.
"Following our successful entry into the photovoltaic wholesale business at the end of last year, this acquisition will now enable us to expand our renewable energies activities in the USA to include wind power. We made a promise to our investors to grow our international operations and have now established ourselves in both the UK and the USA in the wind power and solar businesses”, explained Klaus Josef Lutz, Chief Executive Officer of BayWa AG.

"This acquisition underscores our strategy of expansion in a profitable future-oriented market, as there are huge growth opportunities for wind and solar in the USA. We also see great potential in the partnership with WKN AG", added Roland Schuler, Board member responsible for BayWa’s Energy Segment.

"The American renewable energies market is only at the beginning of leveraging its potential. In BayWa we have found a strong partner for the future when we will be realising these growth opportunities", stated Florian Zerhusen, Chief Executive Officer of WKN USA.

BayWa r.e GmbH is a wholly-owned subsidiary of BayWa AG. The Group has concentrated all its activities in the field of renewable energies under BayWa r.e and is positioning itself in this growth market. Through the subsidiaries of BayWa r.e, which operate internationally in the areas of biogas and photovoltaic plants and wind farms, BayWa has established itself as a project developer and trader in the renewable energies sector.

WKN AG develops, builds and sells turnkey wind power projects in Europe, North America and South Africa. As the first German wind park developer, WKN AG has successfully positioned itself in the high-growth US-market through its subsidiary Windkraft Nord USA, Inc. (www.windkraftnord.com). Over the last 20 years, WKN AG has developed and realized more than 80 wind power projects with an installed capacity of more than 1,000 MW. (www.wkn-ag.de)

Siemens Project Ventures GmbH (SPV) is a company of Financial Services (SFS), the finance division of Siemens. Together with renowned partners, SPV has with equity capital contributions been involved worldwide in the development of infrastructure projects, particularly in the energy, transport and healthcare sectors. SPV has already participated in the development of 14 international power plant projects with an overall capacity of more than 8.000 MW as well as in three telecommunication projects, two medical centers and an airport, with a cumulative project volume of 10 billion USD.

The Siemens cross sector Financial Services (SFS) is an international provider of financial solutions in the business-to-business area. With about 2,000 employees and an international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, SFS supports Siemens as well as non-affiliated companies, focusing on the three sectors of energy, industry and healthcare. SFS finances infrastructure, equipment and working capital and act as a competent manager of financial risks within Siemens. For more information see: www.siemens.com/finance.

Editorial details:
Marion Danneboom, BayWa AG, Head of PR/Corporate Communication,
tel. +49 (0)89/92 22-36 80, fax +49 (0)89/92 22-36 98,
e-mail: marion.danneboom@baywa.de

August 1, 2011 – BGZ AG, Energy-Consult and WKN Windkraft Nord AG Become WKN AG

Merging within the WKN Group

The BGZ / WKN group located in Husum has set up a plan to simplify its previous company structure with a clear market strategy in mind. BGZ Beteiligungsgesellschaft Zukunftsener-gien AG, energy-consult GmbH and WKN Windkraft Nord AG have now become WKN AG. From now on the core business areas of the group as well as technical operation management are all directly a part of WKN AG.

The merger of WKN Windkraft Nord AG und energy-consult Projektgesellschaft mbH into BGZ AG, all companies seated in the House of Future Energies was registered in the Commercial Registry at the end of July 2011 and thus became effective. Along with the merger the name of the company BGZ Beteiligungsgesellschaft Zukunftsenergien AG was changed to WKN AG and also became effective. With regard to the different business areas and markets of WKN AG, the words “Windkraft Nord” have thus been deleted.

Following the merger technical operation management energy-consult continues to exist as a brand of WKN AG.

We have created a simplified, clear structure with the merger that allows us to focus our market strategy on the traditional company WKN AG,” Martinus Scherweit, Chairman of the Board, explains as he describes the new organization of the Husum group.

The new Chairman of the Supervisory Board is Dr Klaus Rave. His predecessor Christina Monticelli, who had served as Supervisory Board Chair with dedication for many years, opted not to run again for the office.

WKN AG

WKN AG has planned, installed and operated turnkey wind farms and solar power systems in Germany since 1990. In addition, WKN AG is also internationally represented by subsidiaries in numerous European countries, South Africa and the US. Up to now, the company has initiated and realized projects with a total of more than 1,050 megawatts capacity.

The headquarters of the WKN-Group are located at the “House of Future Energies”, an established center of excellence for renewable energy sources in Husum/Germany. 53.65 percent of WKN shares are privately owned by the company’s founder Volker Friedrichsen. About 17 percent are held by diverse private and institutional shareholders while 29.33 percent are in the hands of Siemens Project Ventures. The Chairman of the WKN Supervisory Board is Dr Klaus Rave.

March 1, 2011 – Equiventus Acquires Shares of the WKN AG 450 Megawatt Project Pipeline

The investment company Equiventus Capital S.a.r.l. has acquired a minority share of the wind energy projects from the project developer WKN Windkraft Nord with a total volume amounting to approximately 450 Megawatt. This business transaction pertains to locations in Italy and Poland. At the end of 2010 Equiventus already took over the 50- megawatt "Bardy" project in Poland from the Husum project developer. Equi-ventus Capital S.a.r.l. is a branch of Equiventus Holding S.A. with its headquarters in Luxemburg.

Five of the eight projects in Italy will be built with an installed output of about 300 megawatts. The smallest of the projects planned comprises 18 megawatts and the largest 120 megawatts. A total of 140 wind turbines type V90 manufactured by the global market leader Vestas are to be built, each with an installed output of two or three megawatts and a hub height of 105 meters. The projects will obtain their construction permits between 2011 and 2012 and erection is planned to take place from the end of 2011 to 2013.

The three Polish projects will have a total capacity of approx. 150 megawatts, the largest one with an installed output of 93 megawatts. Vestas turbines type V112, each with an installed output of about three megawatts and a hub height of 119 meters, are mainly utilized in these projects. The locations will obtain their construction permits between 2012 and 2014 and will be erected between 2013 and 2015. Once again WKN assumes the entire coordination of the construction of the large projects, as they did at the "Bardy" wind farm. The investor Equiventus has assigned the experts of WKN to function as the so-called owners' engineer.

"WKN stands for high quality projects. We are proud to have convinced one of our investors of this," says Martinus Scherweit, CEO of WKN Windkraft Nord. "We are looking forward to strategic cooperation with Equiventus in the years to come."

December 3, 2010 – WKN Windkraft Nord Closes 50 Megawatts Wind Farm Deal

Another WKN wind farm is being built in the Baltic Sea off the coast of Poland near the city of Koszalin. The 50 megawatts wind farm comprises 25 units of Vestas' model V90-2MW with a hub height of 105 meters. Vestas is the world market leader of supplying wind power plants. The combination of location with a wind speed of about 7.5 m/s at turbine hub height, project organization as well as equipment technology from Vestas convinced the investor Equiventus Capital S.a.r.l. The company is a subsidiary of Equiventus Holding S.A., a global wind power investment fund based in Luxembourg.

"This project simultaneously presents two specific challenges to us as developers, which makes it another major milestone in the 20-year history of our company," says Martinus Scherweit, CEO of WKN AG. The energy generated by the wind farm has to be transported over a distance of about 30 kilometers to a 400-kV transformer station operated by the Polish energy provider Energa. In order to traverse that distance with the least possible losses, the voltage is converted from 20 kV to 110 kV already at the wind farm in a transformer station of its own. "At that voltage level, overhead lines have generally been used up until now," explains Udo Follrichs, authorized officer of WKN and responsible for the sale of the project. "For the Bardy wind farm, however, we are laying a high voltage cable in the ground for the first time," continues Follrichs.

The second challenge for WKN rests with the takeover of complete responsibility for the construction of this major project. The investor Equiventus has commissioned the experts of WKN to serve as Owner’s Engineer. "We have great confidence that WKN with their track record in the market is the right partner to secure on time and on budget delivery of the project", says Abel Hoehler, Executive Board Member of Equiventus.

With a challenging planning period and long negotiations with the energy providers, the Bardy wind farm was one of the most exciting project engineering tasks for the joint venture between WKN and the Polish engineering firm AOS. The wind farm is expected to be completed by the end of 2011. "We are very pleased to be providing comprehensive construction support for the Equiventus project," says Stefan Ebeling, WKN department head and general manager of the WKN / AOS joint venture Sevivon. "The next projects in Poland are already just around the corner and with Bardy our team can once again give proof of its experience in building turnkey wind farms."

September 17, 2010 - WKN USA Seeks Strong Equity Partner in Quest for Growth

Windkraft Nord USA, Inc. (“WKN USA”) has recently retained the services of RA Capital Advisors, a renowned investment firm, to assist with locating a strong equity partner to help finance the expansion of its renewable energy development portfolio.

WKN USA is a subsidiary of WKN Windkraft Nord AG (“WKN AG”) based in Husum, Germany. Industrial giant Siemens AG, via Siemens Project Ventures, owns a 25.1% stake in BGZ Beteiligungsgesellschaft Zukunftsenergien AG (“BGZ AG”), the sole shareholder of WKN AG.

With such powerful endorsers behind it, WKN USA is “an attractive platform with a business plan to grow into a sizeable quality-driven developer of renewable assets,” says Florian Zerhusen, President and CEO of WKN USA.

Currently WKN USA has more than 1,100 MW in varying stages of development in the Mid-Western United States and Latin America, many of which are construction ready and under negotiation for a power purchase agreement.

Although WKN USA has built a proven track record of developing and selling top quality turn-key projects, such as the 63 MW Snyder Wind Farm in Texas which Enel North America purchased in 2006, WKN USA is now looking to retain an ownership interest in some of its projects.

A strong equity partner would enable WKN USA to explore more mutually profitable options. However, Zerhusen cautions that WKN USA is willing to wait for the best opportunity: “This is not an auction process. If the right partner comes along, we will act immediately.”

WKN USA is not looking to abandon its successful develop-build-sell business model, but rather seeks to expand this model to encompass an owning-operating model it hopes will prove as lucrative. “On average, the returns for owning wind projects are utility-like,” explains Zerhusen. “Develop and sell has arguably the highest margin. Considering a mix of both will provide you with the broadest options and assures ongoing positive cash flows.”

June 2, 2010 – Swiss Investor Acquires German Wind Farm from WKN Windkraft Nord AG

WKN Windkraft Nord AG, a fully-owned subsidiary of the BGZ-Group, has sold its wind farm "Luebbenau" in Brandenburg (East Germany) with a total capacity of 16 megawatts to the Swiss energy group REPower.

Construction of the eight Vestas V90 / 2.0 megawatt turbines, with a hub height of 105 meters each, has already been completed. The turbines were commissioned in May 2010. In spite of the exceptionally long German winter the planned period of construction has been fully met. Luebbenau is located about 25 kilometers to the west of the East German city of Cottbus. The wind farm has been connected to the public grid via a 4.4 kilometer long cable line and a transformer station situated on a former coal mine.

The annual energy production is estimated to be about 40 GWh. The wind farm therefore supplies some 8,000 households with environmentally friendly electricity.

REPower is an internationally operating company group with its headquarters in Switzerland. Wind farm Luebbenau will now extend the own production capacities of the investor. "We have cooperated with REPower for the first time and are quite delighted to consign our wind farm to a competent energy provider", states Michael Ostwald, Chief Financial Officer of WKN Windkraft Nord AG.

October 5, 2009 – DIF Infrastructure II Acquires German Wind Farm from WKN Windkraft Nord AG

WKN Windkraft Nord AG ('WKN') has sold the Wehrhain wind farm in Brandenburg (East Germany), with a total output of 16 megawatts, to DIF Infrastructure II B.V., a Dutch investment fund, managed by DIF. DIF Infrastructure II acquired 100% of the shares of the wind farm which has been developed by WKN, a wholly-owned subsidiary of the BGZ-Group. BGZ-Group will remain involved in the wind farm as the operational manager.

Construction of the eight Vestas V90 / 2.0 megawatt turbines, each with a hub height of 105 meters, is complete and they have been operational since the end of May 2009. Wehrhain is situated approximately 80 kilometers south of Berlin.

The wind farm, supplies some 8,000 households with environmentally friendly electricity. The special feature of the project is the infra-red installation at height of 45 meters on each tower. The reason for this is the location of the wind farm in the airspace of a military airport, where helicopters regularly carry out low-level flights.

The installation of the infra-red lights enables the helicopter pilots to pinpoint the location of the turbines during night flights. "With the night vision device, the pilot can see the turbines in good time," said WKN Project Manager Björn Awiszus.

DIF

DIF is an independent dedicated fund management company offering investors access to portfolios of infrastructure assets. DIF launched its first fund, DIF PPP (Public Private Partnership) in 2005. This dedicated €150 million PPP fund has successfully invested in a number of Public Private Partnership projects in Europe and is now fully committed. DIF's second fund, DIF Renewable Energy, with a size of €150 million was launched in 2007 and is also now fully committed. It has invested in onshore wind projects in the Netherlands, France and Germany and solar assets in Spain.

DIF Infrastructure II targets investments in European (EU 27) infrastructure and renewable projects with a moderate risk profile. First and second closing of DIF Infrastructure II was achieved in respectively November 2008 and August 2009, resulting in a current fund size of approximately €220 million with investors including ABP and the European Investment Bank. The fund has a final target size of €500 million and a third closing is expected for the fourth quarter of 2009.

DIF has offices in the Netherlands, France, UK and Germany.

June 2, 2009 - Siemens to Acquire 25 Percent Stake in BGZ Beteiligungsgesellschaft Zukunftsenergien AG

CEO Peter Löscher: ”Siemens is becoming greener” - Investment in wind, solar and bio energy.

Siemens is acquiring a roughly 25 percent stake in BGZ Beteiligungsgesellschaft Zukunftsenergien AG (BGZ AG). The investment will enable the company to ensure its access to further innovative projects in the field of sustainable power generation and thereby expand its portfolio of products, systems and services. ”Siemens is becoming greener. Sustainable power generation is one of our key growth fields,” said Siemens President and CEO Peter Löscher.

Headquartered in Husum, Germany, BGZ AG develops, finances and operates regenerative power generation facilities like wind, solar and biomass power plants. With some 140 employees as well as subsidiaries and joint ventures in Europe and the U.S., the company generated revenue of about €50 million in 2008. Regulatory approval of the transaction is still pending. Both companies have agreed not disclose the purchase price.

Siemens will invest in BGZ via its equity company Siemens Project Ventures GmbH (SPV). ”The knowhow that BGZ has gained through long years of experience in developing wind power projects will make a vital contribution to the ongoing expansion of our renewables business,” said SPV head Hans-Joachim Schulz. ”In Siemens, we're pleased to have found a strong, international partner to help us meet our financing requirements in the high-growth market for regenerative energies. Together with Siemens, we'll intensify our efforts to enter new markets,” added Volker Friedrichsen, BGZ's CEO, founder and main shareholder.

SPV and BGZ AG have been cooperating since 2006, when SPV and the BGZ subsidiary WKN Windkraft Nord AG established the joint venture Innovative Wind Concepts GmbH in order to develop and implement wind power projects in Central and Eastern Europe. The House of Future Energies, which BGZ initiated, provides the company with a center of competence focused on the use of regenerative energy sources. Engineers, business administrators, scientists and lawyers work hand-in-hand at the facility.

Its investment in BGZ AG marks a further step in Siemens' efforts to strengthen its Environmental Portfolio. With green technologies accounting for slightly less than €19 billion in sales or about one-fourth of its total revenue for fiscal 2008, Siemens is the world's largest supplier of green infrastructure solutions. The company is already the leading supplier in the area of offshore wind farms, having installed over 7,800 wind turbines - with a total output of more than 8,800 megawatts - worldwide by the end of 2008.

At the end of 2008, the BGZ group boasted an installed base of over 950 megawatts in the wind power sector alone. The Husum company's international business, in particular, has grown substantially over the last few years. Customers of the BGZ group, which has been established in the renewable energies market for over 20 years, now include international financial investors and major energy suppliers.

March 5, 2009 - New Energy Initiative Committed to the Construction of Wind Farms in Thuringia, Germany

Interested citizens and communities of Central thüringens wind park Planner will engage in the initiative "New energies for Thuringia". The establishment of the action Alliance was necessary in view of the parties because the regional planning meeting Central Thuringia currently vehemently prevents the development of wind energy.

Proposed wind priority areas without verifiable justification in the second publication of the 20 were in the first disclosure of the Fortschreibungs entwurfes Central Thuringia regional plan to calculate. November 2008 deleted. Where were the proposed areas in detail and for years to their compatibility with regard to environment, landscape and damage to the local population checks and explained in the first disclosure appropriate.

The initiative "New energy for Thuringia" is now opposed the deletion of the wind priority areas. From March 5, 2009 the interactive website informs www.neue-energie-thueringen.de about background and actions. The initiators plan Thuringia public address and contacting appropriate political representatives. By eliminating the planned projects over 70 MW would be rated power from renewable energy sources to the public network. Thus around 175 gigawatt-hours would generate electrical power from fossil fuels. This would be an additional output of about 112 tons of carbon dioxide annually (calculation method: medium carbon after German electricity mix).

In addition, investment volumes would have a regional added-value of 150 million euros. Regionally operating companies could especially benefit from this, because a majority of orders as roads, building expertise, funda mentbau basic situations is awarded compensation and Cable Assembly to corporations. The communities would benefit millions of dollars for the public coffers from building new wind turbines.

Renewable energy offers a long-term regional value added show financial opportunities in times of economic crisis in structurally weak regions citizens and communities. Also renewable energies actively counteract climate change in the interest of future generations.

"The establishment of the facilities can benefit the communities through additional income and committed at the same time even for climate protection", explains Ralph Michael Herdler, Mayor of Thuringia Kannawurf.

Initiative "New energy for Thuringia"

Under the direction of Husum inside the future energies developer WKN Windkraft Nord AG would support Thuringian towns and more wind park Planner the initiative. WKN AG partners in this venture are notably: EnerPlan Projektentwicklung GmbH, enXco GmbH, wind consult GmbH, GEWI planning and distribution GmbH & Co. KG, Iberdrola Renewables, Deutschland GmbH and GmbH & Co. KG.

August 28, 2008 – WKN Windkraft Nord Sells 58 MW Wind Farm

In Sicily / Italy, project developer WKN Windkraft Nord AG has again sold a major wind farm in cooperation with its Italian subsidiary WKN Italia as well as its Joint Venture Aero-Sol s.r.l. Wind site Rocca Rossa is located in the centre of Sicily about 60 kilometers apart from the city of Palermo.

The 58 megawatts wind farm consists of 29 wind turbines with each two megawatts capacity and 90 m rotor on 95 m hub height. The investor of the project is M & A Rinnovabili s.r.l. partially owned by the South-Italian Moncada Energy Group. The investor will now be responsible for the completion of Rocca Rossa. According to WKN estimation, erection and commissioning of the wind farm could be realized until end of 2009.

The 29 turbines will be connected to the existing 150 KV grid by a new substation to be built. The external cabling with seven kilometers length will follow a provincial road. When the WKN project engineers firstly identified the site some years ago, they named it Rocca Rossa because of the ferrous red stone dominating the landscape.

After the sales and turn-key erection of wind farm Francofonte in 2007, WKN Windkraft Nord AG expands its already existing strong position at the South-Italian market with the green field development of Rocca Rossa. During the development of the project the approval procedure proved to be quite demanding compared to Francofonte as Rocca Rossa was approved within a period of major regulative changes. While Francofonte had been approved with 30 single approvals, Rocca Rossa applied to a so-called Autorizzazione Unica. Only one authority certificates the complete approval consulting all other authorities involved within a Conferenzia di Servizi (public discussion procedure). Basically intended as simplification and following to a national legal act, the implementation of this new proceeding took some time which was mainly reasoned by the prevalent uncertainty of competency of the various authorities involved. Finally, the Autorizzazione Unica was issued end of 2007.

The head of Moncada Energy Group, Salvatore Moncada, has already developed several wind energy projects on Sicily on his own. Moncada Energy Group is operating various wind farms, actually erects production facilities for photovoltaic modules und follows international activities, too.

WKN Italia Managing Director and Project Manager Frank Kraatz especially remembers the non-technical aspects of the development. “When we met the three involved communities of Cammarata, Vallelunga Pratameno and Castronuovo in order to get to know each other, traditional Sicily food has been served on long tables. There we got typical local specialities like Trippa (rumen). Definitely a matter of taste.”

June 17, 2008 – WKN Sells French Projects to ENEL

WKN Windkraft Nord AG and WKN France SASU have sold wind energy projects to Enel Erelis, a French subsidiary of Enel SpA. The projects acquired by Enel Erelis include new wind energy sites in France at various stages of development totaling 120 megawatts. Some of the projects will enter service as early as 2009. Enel is Italy’s largest power company and Europe’s third-largest listed utility by market capitalization.

Following the acquisition of the WKN turn-key wind farm Snyder in Texas, USA, at the end of 2006 and the conclusion on four French projects beginning 2007, this is another transaction completed with Enel. Wind farm Snyder started operation December 2007 with a total of 63 megawatts.

“We are very pleased to have continued our cooperation with Enel”, said Martinus Scherweit, CEO of WKN AG. “For WKN, after all there is still a lot to do on the French market as we are working on various further projects in several regions of France.”

March 6, 2008 – WKN Sells German Project to International Power

WKN Windkraft Nord AG has sold the turnkey wind energy project Karstaedt to International Power plc, a leading independent electricity generating company. Karstaedt which is located in the Federal State of Brandenburg has already reached commercial operation. Since the end of December 2007 ten Vestas V90 wind turbines with a total installed capacity of 20 megawatts have been producing environmentally friendly power. The hub height of the turbines is 105 m each.

Karstaedt is one of the projects WKN Windkraft Nord AG erected in 2007. Together with wind farms completed in Spain, Italy and the US, WKN constructed a total of 201 megawatts in 2007.

“We are delighted to have completed this acquisition with International Power and look forward to working with them again in the near future” said Martinus Scherweit, CEO of WKN AG. “It shows that the German market still is an attractive one for international investors.”

January 12, 2007 – WKN Sells two German Projects to Allianz

WKN Windkraft Nord AG has sold the wind energy projects Halenbeck and Kittlitz to Allianz Specialized Investments, an Allianz Group company investing in renewable energy. The wind farms located in the Federal State of Brandenburg have been in operation for several weeks. In Halenbeck nine Vestas V80 wind turbines with a total installed capacity of 18 megawatts produce environmentally friendly power. On the former coal mining site Seese-West near to the small town of Kittlitz five Vestas V90 turbines each of two megawatt capacity have been erected.

Following the first foreign WKN-wind energy project in Francofonte (Sicily, Italy) at the end of 2005 and the contract on the German wind farm Freyenstein in mid-2006, this is the third joint transaction of the two companies. "We are delighted to have convinced Allianz Specialized Investments once again of our experience and knowledge in the field of wind energy," said Michael Ostwald, authorized signatory of WKN AG, on conclusion of the agreement. "The co-operation during the due diligence process was again very professional, smooth and targeted. This deal concludes 2006 and takes us into 2007 with yet another great success for our company."

For Allianz Specialized Investments the investment is a further step in its commitment to long-term investment in renewable energy. Wind energy in particular has great potential for growth and is one of the weapons in the battle against climate change.

"With the addition of these two projects, Allianz’ wind energy portfolio now comprises 116 megawatts either operational or under construction and we expect to grow that considerably in the coming years”, points out David Jones, CEO of Allianz Specialized Investments. "It was again a pleasure to work with WKN and we hope to continue this co-operation on other projects to achieve our respective goals".

WKN Windkraft Nord AG

WKN AG has planned, installed and operated turnkey wind parks in Germany since 1990. In addition, WKN AG is also expanding abroad and is internationally represented by subsidiaries in numerous European countries and the USA. WKN AG is part of the innovative "House of Future Energies" corporate network in Husum, an established center of excellence for renewable energy sources in Germany. The company is a wholly owned subsidiary of BGZ Beteiligungsgesellschaft Zukunfts-energien AG, or BGZ AG for short.

Allianz Specialized Investments

As part of the alternative asset investment activities of Allianz, Allianz Specialized Investments is dedicated to the segment of renewable energy investments. Its aim is to build up a long-term portfolio in renewable energy sources, especially wind energy.

January 2, 2007 – WKN AG Sells International Project Rights to EuroTrust

At the end of a successful business year, WKN Windkraft Nord AG sold the rights for several international wind energy projects few days before Christmas to the Danish investor EuroTrust A/S. A total of 245 megawatt will now be installed during the next years.

The projects to be erected are located in Spain, Poland as well as Italy. The wind farm Cortijo de Guerra (Spain) is going to be built in Andalusia amounting 41 megawatt. At the same time, 51 megawatt will be erected in the Polish wind farm Karcino (Eastern Pomerania). Both projects are fully approved. Commissioning of the energy farms is scheduled for the end of 2007. Two projects in Sicily / Italy are actually being finally developed. The commissioning of those two wind farms is planned for 2008 and 2009.

Referring to the closing of the contracts with EuroTrust, Martinus Scherweit, Chief Executive Officer (CEO) of WKN AG, states: "The year 2006 has been very successful for WKN AG and now finds an impressive completion with the sale of these four projects." Udo Follrichs, Vice President of WKN AG, adds: "We again see that we have taken the right track on the international floor. Global corporations are very interested in our professionally developed projects."

Bo Kristensen, CEO of EuroTrust, appraises the acquisition of the WKN-projects as follows: "The entry into Spain being the world's second largest wind market is a very important step for EuroTrust as Spain offers solid wind resources and an increasing demand for energy. We see Poland as the most promising of the East European markets due to attractive wind resources along the northern coast and an established market for green certificates trading. Finally, we are very pleased to expand our activities in Italy, where we already have our first project in commercial operation."

November 3, 2006 – Siemens Subsidiary and WKN Windkraft Nord AG Establish Joint Venture for Wind-Energy Projects in Central and Eastern Europe

Siemens Project Ventures GmbH (SPV), a subsidiary of Siemens Financial Ser-vices, and WKN Windkraft Nord AG have founded the joint venture “Innovative Wind Concepts GmbH” (IWC) effective October 30, 2006. IWC GmbH will develop and realize wind-energy projects in central and eastern Europe. The two partners each hold 50 percent of the shares. The new company will be based in the House of Future Energies (Haus der Zukunftsenergien) in Husum, northern Germany, also the headquarters of WKN AG.

The partners, Siemens Project Ventures and WKN, will contribute their respective ex-perience and strengths in equal parts to future joint projects. SPV invests equity in infra-structure projects worldwide with a special focus to date on energy, telecommunications and airports. SPV currently hold stakes in seven international projects with a total vol-ume of US$4 billion.

“Wind energy is one of the future’s key markets for alternative energies. With WKN AG, we’ve found an ideal partner for this fast-growing business field. Siemens Project Ven-tures GmbH has extensive in-depth experience in developing international infrastructure projects and can in this way broaden its investment base,” notes Hans-Joachim Schulz, Managing Director of Siemens Project Ventures.

Christian Clausen, a member of WKN Windkraft Nord AG’s Management Board, adds: "Projects in central and eastern Europe will complement our international activities ex-ceptionally well. We have no doubt that we can operate successfully in these markets together with Siemens Project Ventures."

Wind energy is the fastest-growing segment among alternative energies. According to Siemens estimates, the share of wind energy in renewable energies will double by 2010.

October 24, 2006 – Nordstrom Solar Established Innovative Solar Power Plant

In the State of Bavaria have work for one of the Nordstrom solar photovoltaic developed major project started. The completion of the BGZ Solarpark Passauer land with 3,315 megawatts of installed capacity is planned by the end of 2006.

The site consists of four individual faces, in the Passau area close to each other and bundled into a park. Global radiation of the site is averaging over 1,100 kilowatt hours per square meter on the horizontal plane and makes the area one of the sunniest areas of German lands. Total approximately 52,000 thin-film modules are installed on an area of about 12 hectares.

The new BGZ solar Park is produced in cooperation with renowned service providers and suppliers. In addition to further technical innovations a special form of single-axis tracking installs as absolute world novelty for the first time. Unlike previous installations based module series to the North-South axis and follow the terrain. In addition, the individual modules are optimally aligned according to the number of degrees of Südhanges. Thus create the positive effect of a higher energy crop at the same time clear Kostener savings and much lower maintenance costs. Nordstrom solar can build this future-oriented system was the first company worldwide. Manufacturer is David Solar AG with headquarters in Switzerland.

In the solar farm Passauer land the BGZ daughter again opts ecologically meaningful use native wood for the frame design. The former field use surfaces retain their original character by steel and concrete sealed. General contractor Herbert Zankl photovoltaic was mandated with the sustainable implementation of the plans. Together with the competent local partners, Nordstrom tracks solar in the philosophy of eco-design.

With the establishment of the solar power plant, the company still committed to Germany. "Cutting-edge technology and creative cooperation with our partners we succeed now, to develop a very attractive project Passauer land, with solar Park" explains Nordstrom solar CEO Doris Ipsen.

Nordstrom solar GmbH

Nordstrom solar GmbH plans and develops photovoltaic major projects in the form of open area facilities and roof constructions. According to design the BGZ group marketed these projects to utilities, fund companies or institutional investors. Nordstrom is responsible for land assurance, module and component purchasing and control of the entire engineering solar. The company is a wholly owned subsidiary of BGZ AG with headquarters in Husum House of future energies.

October 18, 2006 – WKN Windkraft Nord sells its first US project to Italy’s Enel. Acquisition Marks Entry for Germany’s leading Developer

Windkraft Nord USA, Inc., a subsidiary of Germany’s leading wind energy developer WKN Windkraft Nord AG announces today that is has sold its interest to the 63MW Snyder Wind Project to Enel North America, Inc., a subsidiary of Enel SpA. The Project, which is located in Texas, will employ Vestas’ most cutting-edge technology, the Vestas V90 3.0MW wind turbine generator The fully permitted project will be built in 2007 and begin providing Texas with clean wind power in the fourth quarter of 2007.

WKN USA will remain involved in the project as the construction manager. Martinus Scherweit, CEO of WKN Windkraft Nord AG, Germany, states “I am pleased to officially announce our market entry into North America. Furthermore, we are proud to continue our important relationship with Vestas." Florian Zerhusen, Managing Director of Windkraft Nord USA, Inc., adds "In Enel we have found a strong investor for our first US project. With a 105m hub height, we have developed the tallest project in the United States. This is the first of many projects we are working on in the US as we intend to become one of the most active developers in this market comparable to our position in Europe.”

Enel, through a subsidiary of Enel North America, Inc., will own Snyder. “Enel North America marks another step forward in wind power, perfectly in line with our strategic target to grow in renewables worldwide.” said Fulvio Conti, EnelCEO. “This deal, coupled with the partnership we signed in September with TradeWind Energy, LLC to develop over 1,000 MW of wind, confirms that we are serious players and plan on having an impact in the U.S. wind industry.”

“We are very pleased to be awarded this contract for V90 wind turbines from WKN Texas, LLC. This order is manifesting the importance of the Vestas 3 MW programme as part of the continued growth of the North American market in the coming years,” says Jens Søby, President of Vestas Americas A/S and continues: “At the same time, I am also very pleased to note that both WKN and Vestas have been able to utilise the global presence of both companies and been able to extend the excellent relationship in Europe across the Atlantic.”

WKN USA is the US subsidiary of Germany’s renowned developer WKN Windkraft Nord AG. With more than 50 wind projects successfully developed and constructed. WKN has grown to be a leading turn-key developer with offices in several countries. WKN is currently constructing its first international project with 72 MW Vestas V90 3.0MW project in Italy and has various projects in different stages of development and construction. WKN continues to attract large institutional capital that seeks reliable projects from proven wind developers.

Enel is Italy’s largest power company and Europe’s third-largest listed utility by market capitalization. Enel has one of the largest portfolios of renewable energy projects in the world with 19,000 MW of installed hydropower, geothermal, wind, biomass and solar. Enel North America, Inc. is a leading owner and operator of renewable energy plants in North America, with operations in 17 U.S. States and 2 Canadian Provinces. Enel North America owns and operates over 70 projects with an installed capacity of over 400 MW powered by renewable hydropower, wind and biomass.

Vestas started to manufacture wind turbines in 1979 and has played an active role in this dynamic industry ever since. In 1987, Vestas began to concentrate exclusively on wind energy and since then, the company has developed from a pioneer in the industry with a staff of around 60 to a global hi-tech market-leading group with more than 10,600 employees

August 16, 2006 – WKN Sells German Project to Allianz

WKN Windkraft Nord AG has sold the Freyenstein wind energy project which it developed to Allianz Specialized Investments. The energy farm in the north of Prignitz (Brandenburg) was built in the first half of 2006 and placed in operation several weeks ago. Eight type Vestas V80 wind turbines with a total installed capacity of 16 megawatts have since been supplying environmentally friendly power to around 7,200 households. Allianz Specialized Investments is a company of the Allianz Group which is responsible for group investments in renewable energy sources.

Following their first foreign wind energy project in Francofonte (Sicily, Italy) at the end of 2005, this is now the second joint transaction of the two companies. "We’re delighted to be working together with Allianz Specialized Investments again," said Michael Ostwald on conclusion of the agreement. The authorized signatory of WKN AG continued: "It’s becoming more and more apparent that the field of renewable energy sources is gaining importance within the international financial world. Against this backdrop our business partners are benefiting from WKN’s recognized expertise and long-standing experience."

For Allianz Specialized Investments the investment is a further step in its commitment to long-term investment in renewable energy. Wind energy in particular has great potential for growth and is one of the weapons in the battle against climate change.

“This investment is our first commitment to renewable energy sources in Germany,” points out David Jones, CEO of Allianz Specialized Investments. "We’re pleased to continue our successful cooperation with WKN and Vestas in this way," comments Jones.

December 12, 2005 – WKN / Aerosol Sell Project Rights of Francofonte to the Allianz Group

Cooperating with its joint venture Aerosol S.r.l., WKN Windkraft Nord AG has sold the Italian wind farm Francofonte (Sicily) to Alllianz. Francofonte will now be erected turn-key for Allianz together with the turbine supplier Vestas. About 50 kilometers apart from the city of Catania, the 24 wind energy turbines Vestas V90 with a capacity of each 3 megawatt will be built as one of the first wind farms of a non-Italian developer.

During the erection, WKN will take over the complete owners engineering for Allianz. Furthermore, a long-term operations and maintenance contract has been signed for the technical operations management.

At the beginning of 2006, preparations for the erection of the turbines will start. First turbines are going to be installed mid-summer 2006; commissioning of the whole wind farm is scheduled for April 2007.

The yearly generated energy output of the 72 megawatt wind farm will cover the usage of a total of 46,000 Italian households.

Over four years, WKN Windkraft Nord AG has developed wind farms in Italy via Aerosol S.r.l. WKN holds 60 percent of the Aerosol shares. Now, Francofonte is the first project to be erected. The projecting and planning of the wind farm started in 2001. "With a vision and an even bigger portion of idealism," WKN-CEO Martinus Scherweit reports. At that point of time, a partner was searched for and found; a joint-venture was founded.

Since summer 2001 Aerosol has been responsible for the acquisition of suitable wind sites as well as for the support of the approval proceedings.

This transaction represents the first investment under Allianz's strategy of investing in long-term renewable energy projects. Wind energy in particular is considered to be a strong growth sector and one of the main opportunities presented by the need to tackle climate change.

For WKN, the now sold wind farm is the entry to the realization of further Italian projects. "We have already received a couple of important approvals for our next project", Martinus Scherweit states. In addition to that, further projects are included in the WKN / Aerosol pipeline.

September 29, 2005 – WKN AG Sold another Wind Farm to DIFKO

WKN Windkraft Nord AG built seven Vestas V90 turbines in Gerdshagen, Germany (Brandenburg). The turbines with two megawatt should be taken this year operating performance and a hub height of 105 meters.

The purchaser of the project is DIFKO, the most important Danish initiator and operator of investment funds. Already last year, the DIFKO took two turn-key wind farms of the symbol.

Robert Skjødt, Director of DIFKO welcomes the renewed cooperation: "The purchase of these projects is simply said the logical consequence of our excellent cooperation." "WKN convinced us all its a reliable and competent partner." DIFKO built worldwide more than 1,100 wind turbines and is a pioneer in wind Fund.

Gerdshagen, Germany is close to the motorway A24 Northwest Wittstock. Alone in the vicinity, WKN had already built 41 equipment last year as a whole. Grid connection is via the substation Putlitz.

Last week during Husum wind WKN and DIFKO signed the Treaty. A successful trade fair appearance in Husum was crowned with this conclusion. The WKN directors Christian Clausen and Martinus Scherweit agree "We are extremely satisfied with the fruitful contacts on this year's Husum wind".

August 30, 2004 – WKN AG Built 20 Megawatts for DIFKO

In the wind Schönhagen (Brandenburg), WKN Windkraft Nord AG currently built 10 turbines of type of Vestas V-90. The installed capacity of 20 megawatts start-up is scheduled for October of this year.

The purchaser of the project is the DIFKO, the most important Danish initiator and operator of investment funds. WKN built the wind farm and delivered it turnkey to the customer. "We are very pleased with our first cooperation with the DIFKO" said Astrid Zielke, Board member with WKN AG. "Very professional cooperation and the previous history provide a long-term partnership."

Reasons for the investment in the German project on hand for Robert Skjødt, Director of DIFKO: "For many years we operate not only ship and real estate funds but are pioneer in wind Fund." We have the German market exactly in sight because the interest of our 40,000 Danish investors in wind projects in Germany is very large. The DIFKO will invest in the future in more attractive projects on the ground. "With the symbol, we have found an experienced and reliable partner." The DIFKO leads more than 1,100 turbines worldwide in the Fund Portfolio.

On the wind farm Schönhagen fed more 20 megawatt performance in the substation Putlitz with a capacity of a total of 246 megawatts. Together with the record Park Porep January village (62 megawatt) ensures alone WKN one-third of Umspannwerkes utilization. The total investment of the project Schönhagen is around 30 million euros.

August 3, 2004 – WKN Windkraft Nord AG Builds their Largest Wind Farm

This year, WKN wind Nord AG realized their so far largest wind energy project. The wind farm built Porep January village (Brandenburg) 31 installations with an installed capacity of 62 megawatts. For the project, the Vestas V90 2.0 MW was utilized, with the most advanced serial system used.

Construction started in May this year. By December 2004 all attachments should be in the network and put into service. The wind farm Porep-January village WINKRA energy was sold in June 2004 by the WKN and now turnkey built for the customer.

This project increases its turnover achieved in the previous year by more than double the WKN and anticipates sales now € 125 million this year.

At receipt of the project by the symbol in 2002, the planned independent requirements envisaged initially more than 60 plants different size, performance and type. The WKN optimized park planning on 31 installed performance installations using a new Micrositing. A further order planning and optimization was early 2004 through the merger of Vestas and NEG Micon possible. The planned 21 NEG Micon wind turbines were replaced by more Vestas V-90. So ultimately 31 Vestas planning permission was granted for V-90 equipment.

"Halving the number of previously scheduled system and uniform height of all installations include the wind farm a Porep January village harmoniously into the landscape", Astrid Zielke reported Board the WKN AG. "Extremely cooperative work with the State environmental agency Potsdam as competent licensing authority was very helpful during the planning." "We received approvals and approval of changes each within the standard deadlines."

Executive Board colleague Christian Clausen is used to the attachment type: "We have bought a cutting-edge and profitable wind turbine with Vestas V 90." Technically complex based on the experience of using the proven hundredfold built V 80. "Through the conclusion of the Vestas Opti - safe – package, the long-term maintenance of the Park is ensured for the later operators."

With the wind farm Porep January village built, it marks one of the largest one-stop planned wind farms of Germany’s WKN AG, and increases the total installed capacity of symbol to 400 megawatts.

June 30, 2004 – Shell Solar and the BGZ Group Conclude Contract of Solar Project

The BGZ AG in the House of future energies in Husum and Shell Solar GmbH realize their first common Photovoltaikprojekt. The project was developed by the shell solar and is turn-key for the operating company - built a subsidiary of BGZ AG.

The 1.8 MW plant is equipped with shell modules and Siemens inverters. Location is the Höslwang municipality in the District of Rosenheim / Bavaria. Shell Solar is responsible for the management of the project; Siemens takes over the maintenance of the system.

The commissioning of the Photovoltaikprojektes Höslwang is already done. The annual energy output is projected with 1.8 million kilowatt hours. Thus 450 single person households can have environmentally friendly power. The total investment of the project amounts to EUR 8.1 million.

The Managing Director of Shell Solar GmbH and Wolfgang Lange BGZ AG Board Christian Clausen now brought the project in Hamburg in place. The solar Park is solemnly inaugurated on 09. July 2004.

For the BGZ group is the project Höslwang in photovoltaics. "We have long observed the market and many projects intensively tested," Christian Clausen BGZ management board confirms. "Entry into force of the photovoltaic Vorschaltgesetzes in January 2004 the economic framework conditions for the operation have improved now critical." "The Shell Solar as a renowned and experienced company was our outspoken partner of choice".

Reconcept GmbH, subsidiary of BGZ, the project since July 2004 as closed-end Fund will provide private investors to participate. "We expect a very high demand since the project will belong to our knowledge the economically attractive" Ulla Meixner, Managing Director of reconcept.

Shell Solar

Shell Solar is active worldwide and employs 1,300 employees in 75 countries. The company has installed already solar cells and solar modules with a capacity of 350 MW. Shell Solar is part of the shell renewables, a core business unit of Royal Dutch / Shell Group.

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