Stuttgart – EnBW Energie Baden-Württemberg AG has sold 49.9% of the shares in a portfolio comprising 14 onshore wind farms with 47 wind turbines and total output of 133 MW to Commerz Real’s Klimavest impact fund. The wind farms were developed by EnBW, with most of them becoming operational in 2017. EnBW will continue to manage, service and maintain the wind farms and market the electricity they generate. The parties agreed not to disclose details of the purchase price. The transaction is currently awaiting approval from the competition authorities and is expected to close in spring 2021.
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 14 onshore wind farms into a project company, comprehensive vendor due diligence, the service and management agreement, legal support for the bidding procedure, and the contract negotiations. EnBW has relied on the expertise of CMS for many years.
EnBW AG is one of the largest energy utilities in Germany and in Europe. Headquartered in Karlsruhe, the company employs over 24,000 people and supplies around 5.5 million customers with electricity, gas and water, as well as energy solutions and energy-related services.
Commerz Real manages assets of around EUR 34 billion. With a transaction volume of around EUR 7 billion, the company describes itself as one of the largest German asset managers in the infrastructure project segment. It currently manages more than 50 solar power plants and 20 onshore and offshore wind farms.
CMS Germany
Dr Jochen Lamb, Lead Partner
Dr Carolin Armbruster, Lead Partner
Martina Meier-Grom, Counsel
Birgit Schlemmer, Associate, all Corporate/M&A
Dr Ursula Steinkemper, Partner
Dr Clara Volkert, Senior Associate, both Public
Dorothée Janzen, Partner, Commercial Law
Dr Constantin Lentz, Senior Associate, Energy
Dr Hans-Fabian Kiderlen, Counsel, Real Estate
Dr Martin Mohr, Counsel, Tax
Dr Daniel Voigt, Partner
Dr Marc Seibold, Partner
Dr Andreas Grunert, Principal Counsel, all Banking & Finance
Dr Christian Friedrich Haellmigk, Partner, Merger Clearance
Stephanie Schulz, Senior Legal Consultant
Tagrid Chahrour, Legal Consultant
Conrad Gräwe, Legal Consultant, all Smart Operations
Inhouse at EnBW
Patrizia Berck, Lead Counsel Onshore/Photovoltaic
Anne-Christine Birkle, Project Management M&A
Timo Lorkowski, Project Lead Asset Management
Diana Vogel L.L.M., Team Lead Asset Management
Ann-Karin Weber, Tax
Leonie Beling, Civil Law
Tim O. Krautschneider
Britta Vogt, both Public Law
Press Contact
presse@cms-hs.com
