Start of coverage with buy recommendation and target price of EUR 22.20

Metzler Capital Markets today commenced coverage of Energiekontor AG. In his extensive initial study, analyst Guido Hoymann recommends buying the Energiekontor share with a price target of EUR 22.20 and a price potential of around 45 percent.

In addition to Warburg Research and First Berlin, who also have a buy recommendation for the Energiekontor share, the listed Bremen-based company will now be covered by a third analyst.

According to Mr. Hoymann, Energiekontor is one of the leading German project developers with an output of just under 1 GW of realised wind and solar parks. However, Energiekontor stands out from other project developers due to its highly competitive portfolio of Group-owned wind and solar parks with a total capacity of currently almost. 280 MW. This business model, which also includes the operational management of the developed parks, stabilises the otherwise very volatile project development business.

As a pioneer in the industry, Energiekontor is already in a position today to realize wind and solar parks whose electricity production costs are lower than those of the conventional energy industry. After Energiekontor has already established the first subsidy-free wind farm in England, the company will now also take on the pioneering role in Germany and realise the first large solar park outside the EEG regime.

Thanks to the promising project pipeline not only in the long-standing existing markets, but also in the foreign markets addressed only recently, such as Scotland and the emerging markets USA and France, Energiekontor is very promisingly positioned.

Please find more information about the research report on our website under "Investor Relations/ shareholders-information/Analyst reports".

About Energiekontor AG:

For nearly 30 years, Energiekontor has stood for a sound approach to business and a wealth of experience in wind power. Formed in Bremerhaven in 1990, the company was one of the pioneers in the industry and is now one of the leading German project developers. Its core business covers planning, construction and operational management of wind farms in Germany and abroad, and was expanded to include solar power in 2010. Energiekontor also currently owns and operates wind farms and a solar park with a total rated power of around 280 megawatts. Energiekontor AG intends to be a pioneer when it comes to economic viability in realising the first wind farms and solar parks at market prices without state subsidies in all target markets as quickly as possible.

In addition to its headquarters in Bremen, Energiekontor also maintains offices in Bremerhaven, Hagen im Bremischen, Aachen, Dortmund, Bernau (near Berlin) and Potsdam. The company also has branch offices in England (Leeds), Scotland (Glasgow), Portugal (Lisbon), the Netherlands (Nijmegen), the US (Austin/Texas and Rapid City/South Dakota) and France (Toulouse, Rouen).

The track record speaks for itself: 121 wind farms and three solar parks completed with a total rated power of just under 1 gigawatt. This corresponds to an investment volume of more than EUR 1.6 billion.

Energiekontor went public on May 25, 2000. The shares of Energiekontor AG (WKN 531350/ISIN DE0005313506) are listed in the General Standard segment of the Frankfurt Stock Exchange and can be traded on all German stock exchanges.