Partner

Dr. Carolin Armbruster

Rechtsanwältin

Languages

German
English

Social media

Carolin Armbruster advises on national and international M&A transactions and projects. She has a focus on the energy sector, both with respect to conventional and, in particular, renewable energy sources. Her corporate advisory practice focuses on restructurings. Her clients include German and international investors, banks as well as energy suppliers and public utilities. Carolin is a member of the teams that were named “Law firm of the Year for Regulatory 2022” and “Law firm of the Year for Corporate Law 2017” by the German law firm directory JUVE.

Carolin joined CMS in 2007 and has been a partner since 2018. Since 2018 she has been co-heading the CMS “M&A Energy“ excellence cluster. Furthering her sector expertise, she was seconded to Stadtwerke München GmbH (Munich City Utilities) in 2011.

Awards & Recognitions

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Listed for Mergers and Acquisitions

Deutschlands beste Anwälte 2025 – Handelsblatt in Kooperation mit Best Lawyers
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Listed for Mergers and Acquisitions

Deutschlands beste Anwälte 2024 – Handelsblatt in Kooperation mit Best Lawyers
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Listed for Mergers and Acquisitions

Deutschlands beste Anwälte 2023 – Handelsblatt in Kooperation mit Best Lawyers

Relevant experience

Renewable energy sector: offshore wind energy

Advising EnBW Energie Baden-Württemberg AG on structuring the offshore wind farm project Hohe See and on selling a 49,9% share to Canadian energy infrastructure company Enbridge Inc.
Advising EnBW Energie Baden-Württemberg AG on structuring the offshore wind farm project Baltic 2 and on selling a 49,9% share to Australian financial investor Macquarie
Advising Stadtwerke München GmbH on acquiring a stake in the offshore wind farm project Sandbank 24 from Vattenfall
Advising HEAG Südhessische Energie AG (HSE) and Stadtwerke München GmbH on each acquiring a 24,9% share in the offshore wind farm project Global Tech I

Renewable energy sector: onshore wind energy

Advising EnBW Energie Baden-Württemberg AG on the structuring of a portfolio of 14 onshore wind farms (133 MW) and the sale of a 49.9% stake to Commerz Real's Impacfonds Klimavest
Advising Stadtwerke München GmbH on acquiring Jasna onshore wind farm project in Poland with 39 wind turbines by wind farm developer WKN and its subsidiary Sevivon
Advising Axpo Power on acquiring Volkswind GmbH, a wind farm project developer in Germany and France
Advising EnBW Energie Baden-Württemberg AG in the bidding process to acquire the insolvent Prokon Regenerative Energien GmbH which was part of an insolvency plan proceeding
Advising BKW Energie AG and its Swiss partner plant HelveticWind on acquiring four wind farm portfolios consisting of seven wind farms with altogether 88 wind turbines
Advising EnBW Energie Baden-Württemberg AG on reorganising the entire German wind farm portfolio with 17 wind farms and altogether 89 wind turbines and on selling a stake of altogether 49,9% to various public utilities
Advising Stadtwerke München GmbH on acquiring a shareholding in the European onshore wind farm activities of wpd AG, a wind farm project developer with a portfolio of 1600 MW
Advising EnBW Energie Baden-Württemberg AG on acquiring two wind farm portfolios consisting of nine wind farms with altogether 64 wind turbines from PNE Wind AG
Advising Stadtwerke München GmbH on acquiring two wind farm portfolios consisting of altogether 14 wind farms and 108 wind turbines from wpd AG

Renewable energy sector: photovoltaic

Advising EnBW Energie Baden-Württemberg AG on the structuring of a portfolio of 16 solar parks (597 MW) and the sale of a 49.9% stake to Alte Leipziger Hallesche Versicherungsgruppe

Renewable energy sector: geothermal energy

Advising Sadtwerke München GmbH on acquiring two geothermal power plants from a joint venture consisting of HOCHTIEF PPP Solutions GmbH and BayWa r.e. renewable energy GmbH

Conventional energy sector

Advising Gasunie on acquiring a stake in the pipeline project EUGAL from Gascade
Advising Bayerngas GmbH on a strategic joint venture with Stadtwerke München GmbH and the British energy and services company Centrica plc. regarding the European oil and gas exploration and production business
Advising a bidding consortium on acquiring Thyssengas GmbH’s gas transmission network
Advising EnBW Energie Baden-Württemberg AG on selling an RDF plant in Eisenhüttenstadt to Progroup AG
Advising the shareholders of gas supplier Goldgas on the sale to financial investor bluO

Restructurings

Advising Modine Manufacturing Company on the restructuring of the European part of the Modine Group
Advising HEAG Südhessische Energie AG on the spin-off of transmission grids to set up a subsidiary and on its refinancing via issuing a corporate bond

Publications

„Perspektiven für die Energiewelt von morgen – Tagungsbericht zum. 12 Führungstreffen Energie“, InfrastrukturRecht (IR), 11.07.2023, together with Dr Antonia vom Dahl, LL. M. Stanford
„Ausbau der erneuerbaren Energie in Deutschland – wie gelingt die Flächensicherung?“, Blog-Beitrag vom 20.12.2022, together with Dr Miriam Bach, online available at: Ausbau der erneuerbaren Energien in Deutschland – wie gelingt die Flächensicherung? - CMS Blog (cmshs-bloggt.de)
"Update Energiewende und Green Deal", blog post, 13.09.2019, online available at: https://cms.law/de/DEU/Blogs/hs-blog/Update-Energiewende-und-Green-Deal"
"Energiewirtschaft im Aufbruch – Was wäre wenn …?", blog post, 26.01.2018, online available at: https://www.cmshs-bloggt.de/energiewirtschaft/energiewirtschaft-im-aufbruch-was-waere-wenn/#
"Der Schlüssel zur Energiewende oder wie kommen wir zur All-Renewable World?", blog post, 07.09.2017, online available at: https://cms.law/de/DEU/Blogs/hs-blog/Der-Schluessel-zur-Energiewende-oder-wie-kommen-wir-zur-All-Renewable-World
"Umwandlungsrecht: Möglichkeiten zur Unternehmensumstrukturierung", blog post, 17.05.2017, online available at: https://cms.law/de/DEU/Blogs/hs-blog/Umwandlungsrecht-Moeglichkeiten-zur-Unternehmensumstrukturierung
"Drum prüfe wer sich bindet" – Was steckt hinter einer Due Diligence? – Investitionen in Onshore-Windparks und Ausblick auf die EEG-Reform 2016 in WIND-KRAFT Journal edition 04/2016
"Digitalisierung, Dekarbonisierung und Dezentralisierung oder „Was bewegt die Energiewirtschaft?“, blog post, 22.01.2016, online available at: https://cms.law/de/DEU/Blogs/hs-blog/Digitalisierung-Dekarbonisierung-und-Dezentralisierung-oder-Was-bewegt-die-Energiewirtschaft
"Herausforderung Infrastrukturprojekt oder Wann dreht sich endlich das Windrad?", in Explorer Spezial, Investments in der Energiewirtschaft, 26.03.2015, p. 10 ff, together with Dr Jochen Lamb
Warum sich eine "sorgfältige (rechtliche) Prüfung" lohnt – Worauf Energieversorger und Stadtwerke bei der Bewertung von Windparkprojekten achten sollten, Energie & Management 17/2010, together with Dr Jochen Lamb
Differenzhaftung bei der Aktiengesellschaft im Zusammenhang mit Umwandlungsvorgängen, Dissertation, Baden-Baden 2009

Memberships & Roles

German Bar Association
VGR Wissenschaftliche Vereinigung für Unternehmens- und Gesellschaftsrecht e.V.
Juristische Gesellschaft Tübingen e.V.
Network Women & Energy

Lectures list

"Risks, opportunities for payment, financing and hedging in foreign trade" in the context of the management seminar "Legal issues in international purchase" by Management Circle in Munich (07.09.2007), Stuttgart (14.09.2007) and Cologne (26.10.2007)

Education

2008: PhD under the supervision of Prof. Dr. Dr. h.c. Georg Sandberger; thesis on a topic related to the German Transformation Act
2007: Second state examination in law
2005 - 2007: Trainee lawyer at Regional Court Ulm / Higher Regional Court Stuttgart, including stint with Robert Bosch GmbH
2005: First state examination in law
2000 - 2005: Law studies at the University of Tuebingen
1998 - 2000: Training as a banker/financial advisor with Deutsche Bank AG

Practice Areas

Corporate / M&A Mergers & Acquisitions Structuring under corporate law International Group Structures

sectors

Energy & Climate Change

Insights

Global Reach

Karriere