ROUNDUP: Prokon looking after donors – restart as a cooperative – FAZ – Frankfurter Allgemeine Zeitung

ITZEHOE (AFX) – Two years after the bankruptcy starts the energy provider Prokon as a cooperative by new. In the five months from August to December of last year the cooperative had converted nearly 39 million euros in Germany and achieved a pre-tax profit of 1.6 million euros, Prokon informed in Itzehoe on Friday. For the current year, the company expects revenues 105-115 million euros and a pre-tax profit. The new Prokon operates in three business segments: the operation of existing and designing new wind farms and power trading

Before the insolvency around 75,000 investors had invested 1.4 billion euros in Prokon.. They have lost 40 percent of their use, but can look forward to future distributions of the cooperative, unless they have remained. Today Prokon has 38 000 members, operates 55 smaller wind farms with 328 wind turbines and supplies 34 000 final consumers. Prokon was it the largest energy cooperative in Germany.

“We want to more than double in the next three to five years, the number of our members 100 000 comrades reach,” said Chairman Udo Wittler. A cooperative can not as a public company to raise capital through the issuance of new shares, but gains new capital by additional members. Prokon aims primarily at attracting younger investors, because the current members are on average quite old.

After the insolvency phase, the cooperative has started its operations last August. The two interim directors Kai Pepp Meier and Andreas Knaup resigned after the expiration of the General Assembly on Thursday from their posts. Prokon will now be led by Henning von Stechow and Heiko Wuttke. “Our product pipeline is well filled,” Wuttke said. Thus the wind power capacity in Germany will still rise by around 20 per cent, or 100 megawatts this year. Already under construction is the biggest Prokon project, the wind park Gagel in Saxony-Anhalt with 16 wind turbines and an output of 48 megawatts.

“Prokon now focuses on the sound and valuable core business,” said von Steckow. In summer Prokon issues a bond for 500 million euros, which bears interest at 3.5 percent. Thus the bankruptcy plan is implemented; the bond goes to the former holders of participation rights where they were invested with more than 1000 euros. With 27 percent equity ratio, the new Prokon is solidly financed. Next year Prokon will even earn dividends on the shares in the cooperative and give members discounts on the sale of electricity. / Egi / DP / fbr

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04.14.2016, 06:18 | Economy

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