CMS advises Encavis on bond issue worth EUR 250 million

Frankfurt/Main – Solar plant and wind farm operator Encavis AG of Hamburg has successfully issued subordinated bonds without a fixed term worth EUR 250 million that grant the right to conversion into ordinary bearer shares in Encavis AG. The bonds were issued by Encavis Finance B.V., a wholly-owned subsidiary of Encavis AG with offices in the Netherlands. They are unconditionally and irrevocably guaranteed by Encavis AG on a subordinated basis. BofA Securities and Jefferies acted as joint global coordinators and joint bookrunners for the offering. The proceeds from the issue are earmarked for investment in renewable energy and projects, and for general corporate purposes. At Encavis, the transaction was handled by Natalie Grüber (Head of Legal) and Jan Wieck (Head of Corporate Finance).

A CMS team advised Encavis on all legal aspects of the transaction. Encavis is a longstanding CMS client and regularly relies on the firm’s expertise. The team has recently advised Encavis on a long-term power purchase agreement (PPA), various project finance arrangements and for the eighth time in a row on structuring, implementing and settling its scrip dividend.

Encavis AG is listed on the SDAX of Deutsche Börse and is Europe’s leading independent electricity producer in the renewable energy field. It operates solar plants and (onshore) wind farms across ten European countries, with the Encavis Group having a total output of over 3.0 GW (representing a total saving of 1.31 million tonnes of CO2 a year).

CMS Germany

Philipp Melzer, Partner, Frankfurt/Main, Banking & Finance
Ayleen Görisch, Counsel, Frankfurt/Main, Corporate
Patrick Damanik, Senior Associate, Frankfurt/Main, Banking & Finance

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