Stuttgart – EnBW Energie Baden-Württemberg AG has sold 49.9% of the shares in a portfolio comprising 16 solar parks with a total rated output of 597 MW. The plants in Brandenburg, Baden-Württemberg, Bavaria, Mecklenburg-Western Pomerania, Rhineland-Palatinate and Saxony were all developed and built by EnBW, and mostly only connected to the grid in the past few years. The portfolio includes the major solar parks of Weesow, Gottesgabe and Alttrebbin, which were the first to be built on this scale in Germany without state subsidies. EnBW will continue to manage, service and maintain the wind turbines and market the renewable electricity they generate. The purchase price was not disclosed. The transaction is currently awaiting approval from the competition authorities and is expected to close in autumn 2022.
A CMS team headed by lead partners Dr Jochen Lamb and Dr Carolin Armbruster advised EnBW on all legal aspects of the transaction. The advice included pre-structuring of the transaction by spinning off the 16 solar parks into a project company, comprehensive vendor due diligence, the service and management agreement, legal support for the auction process, and the contract negotiations. EnBW has relied on the expertise of CMS for many years, most recently in a comparable transaction involving the sale of a 49.9% stake in an onshore wind farm portfolio to Commerz Real’s Klimavest impact fund.
EnBW is one of the largest energy utilities in Germany and in Europe. Headquartered in Karlsruhe, the company employs over 26,000 people and supplies around 5.5 million customers with electricity, gas and water, as well as energy solutions and energy-related services.
The ALH Group has assets under management of nearly EUR 40 billion. It has been investing successfully in renewable energy projects since 2015, with its portfolio now capable of supplying power to more than 560,000 three-person households.
In-house support for the transaction was provided by Patrizia Berck (Lead Counsel Onshore/Photovoltaics). She was assisted by Matthias Flecke-Bröer (Senior Legal Counsel), Dragan Alexander (Senior Legal Counsel), Britta Vogt (Senior Legal Counsel), Hannes Nordmann (Legal Counsel), Tobias Kuntz, LL.M (Legal Counsel) and Leonie Beling (Legal Counsel).
CMS Germany
Dr Jochen Lamb, Lead Partner, Stuttgart
Dr Carolin Armbruster, Lead Partner, Stuttgart
Birgit Schlemmer, Senior Associate, Stuttgart
Dr Miriam Bach, Associate, Stuttgart, all Corporate/M&A
Dr Ursula Steinkemper, Partner, Stuttgart
Dr Marielle Schuster, Associate, Stuttgart
Veronika Renczes, Associate, Stuttgart, all Public
Dorothée Janzen, Partner, Hamburg
Anastasia Shelestova, Senior Associate, Hamburg, both Commercial Law
Dr Hans-Fabian Kiderlen, Counsel, Hamburg, Real Estate
Stephanie Schulz, Senior Legal Consultant, Berlin
Tagrid Chahrour, Legal Consultant, Berlin
Conrad Gräwe, Legal Consultant, Berlin, all Smart Operations
Press Contact
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