Hamburg – Last autumn, LUXCARA GmbH acquired two of the three parts of the Briest solar park (Brandenburg) for a fund under its management, with legal advice being provided by CMS Hasche Sigle. LUXCARA has now again been supported by CMS Hasche Sigle with regard to the acquisition financing agreed with HSH Nordbank AG and NORD/LB.
With total capacity of 91 MWp and overall investment of some EUR 200 million, the solar park constructed by Q-Cells SE in Briest, Brandenburg, is currently one of the largest in Europe. The facility comprises 383,000 crystalline solar modules on the site of a former military airbase, divided into 14 sub-parks. The ten sub-parks acquired for the Luxembourg-based FLAVEO S.A., SICAV-FIS fund entered service at the end of 2011.
A team led by Dr Holger Kraft and Dr Marc Riede advised LUXCARA on all aspects of acquisition and financing. Dr Holger Kraft commented: "We were able to follow up the interdisciplinary advice we provided in relation to acquisition of the solar sub-parks by also wrapping up the financing promptly on behalf of our clients. Everyone involved again worked together very professionally and smoothly to achieve financial close despite the insolvency of Q-Cells." The advice also covered legal restructuring, in particular of the real estate agreements, in addition to negotiating the purchase and finance agreements. The fact that the acquired parts of the project are linked via a shared infrastructure with another investor who has acquired the remaining sub-areas of the Briest solar plant added to the complexity of the project. The insolvency of solar park builder Q-Cells SE shortly before financial close represented a further challenge.
Hamburg-based LUXCARA GmbH is an asset manager specialising in investment in the renewable energy field. The team has extensive experience in the acquisition, structuring, financing and management of portfolios for institutional investors in the renewable energy arena, particularly photovoltaics. In the PV segment alone, LUXCARA boasts an investment track record of more than a billion euros. The Luxembourg-based FLAVEO S.A., SICAV-FIS fund managed by LUXCARA has a target volume of EUR 200–250 million and has already invested EUR 136 million in solar parks in Germany, France and Italy.
CMS Hasche Sigle has been advising LUXCARA for several years on the acquisition, structuring and financing of solar projects in Germany and Europe. Lead partners Holger Kraft and Marc Riede have also advised a number of other clients in the renewable energy sector, most recently in several cases involving the acquisition and financing of offshore wind farms.
HSH Nordbank AG and NORD/LB were advised on the finance negotiations by law firm Watson, Farley & Williams under lead partner Thomas Hollenhorst.
Advisers CMS Hasche Sigle
Dr Holger Kraft, Energy, Lead Partner (overall coordination)
Dr Marc Riede, Banking and Finance, Lead Partner
Dr Hilke Herchen, Corporate
Matthias Carsten Sethmann, Energy, Coordination
Dr Hans Fabian Kiderlen, Real Property
Jan Peter Weiland, Banking and Finance
Dr Tim Jonas Haack, Corporate Law
Dr Steffen Gratz, Real Property
Dr Michael Gross, Real Property
Dr Robert Krüger, Public Law
Dr Ursula Steinkemper, Public Law
Dr Rolf Leithaus, Insolvency
Anne Deike Riewe, Insolvency
Press Contact
presse@cms-hs.com
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