A subsidiary of JLW Holding AG from the Lindhorst Group, a family-managed corporate group with activities in agriculture and forestry as well as in renewable energies, has acquired an extensive portfolio of photovoltaic systems. The transaction comprises approximately 80 rooftop photovoltaic systems with an installed total capacity of around 36 megawatt-peak. The acquired portfolio is distributed throughout Germany.
The seller was the Sun Contracting Germany Group. The sale took place as part of a distressed M&A transaction, for which lawyer Nicolas F. Grimm of Ehler Ermer & Partner mbB was appointed insolvency administrator. Confidentiality was agreed upon regarding the purchase price.
Legal advice for the buyer, JLW Holding AG, was provided by the law firm HEUKING. There, a mixed team of energy law and M&A specialists oversaw the entire process, from due diligence to contract drafting and negotiation, through to successful contract conclusion and the subsequent execution of the transaction. The insolvency administration of the Sun Contracting Germany Group was advised by MÖHRLE HAPP LUTHER on the successful sale.
Extensive transaction process
As lead advisor, the M&A team of MÖHRLE HAPP LUTHER was responsible for the preparation, management and execution of the entire investor process. Maarten Wortel, lead partner at MÖHRLE HAPP LUTHER, stated that despite the insolvency situation, a sustainable continuation of the portfolio by the Lindhorst Group as a strategic acquirer was secured through the structured and competitive investor process. He emphasised that the transaction represents the successful conclusion of a complex distressed M&A process in the infrastructure and energy sector and secures the long-term continued operation of the Germany-wide photovoltaic portfolio.
Dr. Janis Meyerhof, who is responsible for the Renewable Energies division as a board member of JLW Holding AG, commented on the acquisition, stating that many of the systems are located in Eastern and Central Germany and are therefore in proximity to the group's land and sites. According to Meyerhof, all systems receive EEG feed-in tariffs. Furthermore, it was announced that there are plans to potentially re-sell individual systems outside the focus regions in Western Germany.
Advisory services in detail
- —Development of the marketing strategy for the photovoltaic portfolio.
- —Preparation of the necessary transaction documents.
- —Approach and comprehensive support for potential investors.
- —Organisation and coordination of due diligence examinations.
- —Execution of the bidding process and negotiation of submitted offers.
- —Accompanying contract negotiations until successful conclusion.
