Friday, May 22, 2015

“Friends of Prokon” and EnBW vying for wind farm company – Reuters Germany


Frankfurt (Reuters) – The creditors of the insolvent wind farm operator Prokon have the choice of the bird in the hand and the pigeon on the roof in July.


The sale to the energy company Energie Baden-Württemberg (EnBW) is in the insolvency plan as less profitable rated as the continuation of the company as a cooperative, as EnBW and the association “Friends of Prokon” unanimously announced on Friday. The members of the yet to be established cooperative should however refrain from Bar-dividend and take new risks. The Prokon Club promoted the “Citizens ‘energy transition’. The third largest energy company, the just surrounded from nuclear power to renewable energy will be the market leader for wind farms.


The Karlsruhe EnBW quantified their offer to 550 million euros. The are 100 million less than the value of Prokon after the cooperative model, said EnBW Chief Financial Officer Thomas Kusterer in a conference call. A believer get 10,000 euros per capital back 5220 euros. The “Friends of Prokon” calculated before, the cooperative model the loss was 670 euros less. However, the creditor would have to wait longer for their money, because they have to join the cooperative and draw a 15-year bond that is secured by Prokon wind farms.


“In our view, therefore arise for Prokon but also new risks for lenders,” warned EnBW Chief Financial Officer Kusterer. By collateral for the bond and the high level of debt it will have a co-operative hard, take enough capital for growth. EnBW and Prokon could, however, develop along the leading wind farm companies in Germany.


The more than 10,000-member association “Friends of Prokon” initiated the cooperative model. A portion of the 75,000 signatories has partnered participation rights in it, where Prokon had collected 1.4 billion euros before its bankruptcy. Enough money comes together for the cooperative, however, would need more than 30,000 Unitholders their claims in Cooperatives shares convert. By the end of June, they will have time to decide. On July 2, then vote all Prokon creditors in Hamburg stating to which of the models to the train.


Board of Directors Wolfgang Siegel appealed to the green conscience of the believer: With the cooperative, they could contribute to a citizen-friendly energy policy. EnBW wants to convince with events in Hamburg, Berlin and Ulm creditors in turn. His offer will the power company but not increase. “This is our last word,” Kusterer said.


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