Geesthacht/Hamburg – The structured investor process for the energy portfolio of the insolvent Luana Energy Group has begun. Just under 60 total combined heat and power plants and other energy facilities of varying sizes, mainly in northern Germany, are for sale. Interested buyers may now contact the insolvency administrators or Saxenhammer Advisory GmbH, which has been charged with managing the investor process.
In August and September 2026, Schwarzenbek Local Court opened insolvency proceedings against several companies within the Luana Energy Group, including Luana Clean Power GmbH, LCF Blockheizkraftwerke Deutschland PP1 GmbH & Co. KG and Luana Energieversorgung Deutschland GmbH, and appointed CMS Partner Vanja Alexander Kovacev as the insolvency administrator. Kovacev and his team are currently administering a total of ten companies within the Luana Energy Group under the opened insolvency proceedings.
The business operations of Luana Clean Power GmbH and LCF Blockheizkraftwerke Deutschland PP1 GmbH & Co. KG have been continued from February 2026 by Kovacev, together with Lorenz Schuwerack and Yorck Keßler (CMS). "After stabilising business operations, conducting intensive negotiations with the municipal utilities and gas suppliers involved and carrying out extensive maintenance and repair work on the combined heat and power plants, we have been able to ensure supply to around 1,700 households over the past few months," says Kovacev.
The investor process was prepared by a team from Saxenhammer Advisory GmbH led by Martin Neumann. Many prospective buyers had already come forward during the preliminary insolvency proceedings. Saxenhammer Advisory and the insolvency administrators will continue to accept further expressions of interest until the end of November 2026.
Under the management of its director, Marcus Florek, the Luana Energy Group was active in the development, planning, construction and operation of energy technology and energy supply systems. In addition to photovoltaic systems, the business model included in particular thermal and electrical power generation plants, notably combined heat and power (CHP) plants.
Among its efforts to raise funds, the group had issued bonds and subordinated loans for trading on the over-the-counter markets of the Hamburg and Frankfurt securities exchanges. Following failure to make interest payments and the initiation of insolvency proceedings against the parent company, Luana AG, the German Federal Financial Supervisory Authority (BaFin) issued corresponding warning notices. After insolvency proceedings were opened against the assets of Luana AG, Schwarzenbek Local Court convened bondholders' meetings in accordance with the German Debenture Bonds Act (SchVG); the bondholders concerned did not elect a joint representative for all bondholders.
Luana AG, with its registered office in Geesthacht, had filed for insolvency shortly before Christmas 2025. Consequently, almost all the subsidiaries applied for insolvency proceedings to be opened.
Also involved in the process:
Finkbeiner & Druckenbrodt
The Luana Group is represented by the lawyers Claudius Finkbeiner and Alexander Druckenbrodt from the restructuring law firm Finkbeiner & Druckenbrodt in Wentorf near Hamburg.
GÖRG
The insolvency administrators are being advised on stock corporation law, capital markets law and insolvency law as well as on the M&A proceedings by a team from the commercial law firm GÖRG led by partners Dr Robert Brahmstaedt, Wanja Postel and Dr Lutz Pospiech.
Luther
A team from the law firm Luther, led by partners Dr Angelo Vallone and Oliver Köhler and counsel Benedikt Rechner, is advising on matters relating to energy law.
INTERCON Management & Consulting
Support with business planning and interim management is being provided by Patrick G Weber and Ronja Bauer from INTERCON Management & Consulting Hamburg.
NetBid Industrie-Auktionen AG (Angermann Group).
The expert valuation of the combined heat and power plants was carried out by Holger Reichmann of NetBid Industrie-Auktionen AG (Angermann Group).
