Frankfurt/Main – CMS has advised MDAX-listed wind farm and solar plant operator Encavis AG (“Encavis”) on a joint venture with Freiburg-based energy utility badenova AG & Co. KG (“badenova”) and other partners. The aim is to invest around EUR 200 million by 2027, creating 500 MW of power generation capacity from renewable energy sources.
A CMS team headed by lead partner Dr Daniel Voigt advised on all aspects of the joint partnership structure and on further investment options. This includes establishing Encavis Energieversorger I GmbH (EEV) in Hamburg for the purposes of the joint venture. Encavis AG will hold 51% of this company, with investment company Kommunale Energiewende GmbH & Co. KG (KEW) taking a 49% stake. The new company, EEV, will focus its renewable power generation activities mainly on the acquisition and operation of wind farms and photovoltaic parks in Germany. The joint venture solution is also open to other partners via shares in KEW, which will initially be set up by badenova. This will enable these partners to make long-term investments in wind and PV.
“With this new joint venture model, it has taken us just a few months to create the basis for raising EUR 200 million in investment through minority stakes by the equity capital partners,” Dr Christoph Husmann, Chairman of the Management Board and CFO of Encavis AG, said, welcoming the joint venture with badenova.
CMS Germany
Dr Daniel Voigt, Lead Partner
Laura Bungart, Counsel
Christina Schäfer, Senior Associate, all Investment Management
Dr Tillman Kempf, Partner
Marcelino Berger, Associate, both Tax
Stefan Lehr, Partner, Antitrust, Competition & Trade
Dr Jochen Lamb, Partner
Martina Meier-Grom, Counsel, both Corporate/M&A
Press Contact
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