Tübingen Local Court has formally opened insolvency proceedings over the assets of SOWITEC group GmbH, SOWITEC international GmbH, SOWITEC operation GmbH, and SOWITEC projekt GmbH. In this context, Dr. Holger Leichtle, a partner at the law firm GÖRG, was appointed as insolvency administrator for the named companies. Despite the opening of proceedings, the business operations of the affected entities are being continued to ensure continuity.
Parallel to securing ongoing operations, a structured M&A process has been initiated. This process aims at selling project rights held by SOWITEC operation GmbH and other companies within the SOWITEC Group. Capcora has been mandated for exclusive M&A advisory in this endeavour. The mandate was awarded by the creditors' committee, based on a proposal from the insolvency administrator Dr. Holger Leichtle. Capcora is responsible for coordinating the corporate M&A process and acting as the central point of contact for potential investors.
The portfolio for sale includes wind project rights with a total capacity of approximately 32 GW. These projects are distributed across various countries, including Germany, Argentina, Brazil, Colombia, and Mexico. A share of approximately 330 MW of this total capacity pertains to projects located in Germany. Capcora's tasks include the detailed preparation of transaction documents, managing the bidding process, and overseeing due diligence, commercial negotiations, and final contract discussions. The structured process is designed to consolidate investor outreach and achieve the best possible realisation of the portfolio for the benefit of creditors.
Dr. Holger Leichtle and his team ensure the continuation of business operations for the companies involved during the ongoing investor process. Simultaneously, together with other parties, the examination of options for the optimal realisation of existing project rights is being advanced. The SOWITEC Group, headquartered in Sonnenbühl-Willmandingen, has a history of more than 30 years in the development of wind and solar projects.
The group's business model includes identifying suitable locations, planning facilities, and obtaining the necessary permits. Typically, the resulting project companies are sold to investors and energy providers, who then operate the facilities. It should be noted that SOWITEC development GmbH and SOWITEC service GmbH are not affected by the currently opened insolvency proceedings and continue their business operations outside of these proceedings.
