Baker McKenzie advises Commerz Real on the acquisition of an onshore wind farm for a closed special fund
Baker McKenzie advised Commerz Real Kapitalverwaltungsgesellschaft (KVG) on the acquisition of another wind farm for its "CR Institutional Renewable Energies Fund". "Fläming", with an installed capacity of 16.8 megawatts and located in southern Brandenburg, has already been online since early 2017. The investment volume totals to approx. 37.2 million euros. The seller is a project development company of the BVT Group.
The seven wind turbines are supplied by the well-known German supplier Nordex. A full maintenance contract for 15 years has also been agreed with Nordex. The duration of the secured feed-in tariff pursuant to the Renewable Energies Act (EEG 2017) is 20 years and ends in 2036.
Baker McKenzie advised Commerz Real Kapitalverwaltungsgesellschaft on all legal and tax aspects of the transaction.
It was an exciting transaction regarding a wind farm with an installed capacity of 16.8 megawatts.
"With our industry specialization and experience in the field of energy and infrastructure, we were very well placed to support Commerz Real in achieving a successful signing and closing of this complex regulatory transaction ", commented Dr. Tim Heitling, a partner of Baker McKenzie, who co-led the project together with Dr. Thomas Dörmer.
The "CR Institutional Renewable Energies Fund", which was structured as a closed special AIF (alternative investment fund), was launched in autumn 2016. In early 2017, the first closing was achieved by acquiring two wind farms in Brandenburg with an investment volume of around 105 million euros. Recently, Commerz Real acquired another wind farm north-east of Saarbrücken with an investment volume of 45 million euros.
Within the Commerz Real Group the Commerz Real Kapitalverwaltungsgesellschaft is responsible for alternative investment funds for professional and semi-professional investors. The Commerz Real Group, which is part of the Commerzbank Group, has more than 45 years of market experience and a managed investment volume of around 32 billion euros. Extensive know-how in asset management and a broad structuring experience are combined for a characteristic service portfolio of asset-oriented fund products and individual financing solutions.
The Energy & Infrastructure team of Baker McKenzie regularly advises on national and international transactions, projects, financing and joint ventures. Recently, it advised the bank consortium on the financing of the acquisition of the ista group, Creos Deutschland Holding on the acquisition of STEAG Netz GmbH, Chubu Electric Power Co., Inc. on the acquisition of participations in German offshore network operators, the Bavarian State Bank and the Arab African International Bank as the lender of the USD 126 million project financing for Infinity 50 Renewable Energy SAE, ALBA Group, one of the world's leading recycling specialists and raw materials suppliers, in relation to the investment by a Chinese investor into two segments of the ALBA Group, and RWE and E.ON on the disposal of their participations in the Luxembourg energy supplier Enovos.
Legal advisor to Commerz Real Kapitalverwaltungsgesellschaft:
Corporate/M&A: Dr. Tim Heitling (M&A/Energy, partner, Berlin); Dr. Thomas Dörmer (M&A/Energy, partner, Berlin)
M&A/Energy: Dr. Daniel Neudecker (senior associate, Berlin), Dr. Claire Dietz-Polte (senior associate, Berlin)
Public Law/Real Estate: Dr. Janet Butler (counsel, Berlin)
Corporate/M&A: Dr. Giannina Kreutz (associate, Berlin)
Insurance Law: Dr. Peter Stankewitsch (partner, Frankfurt)
Banking and Finance: Dr. Oliver Socher (partner, Frankfurt), Silke Fritz (associate, Frankfurt), Astrit Rexhaj (associate, Frankfurt)
Tax: Dr. Dr. Norbert Mückl (partner, Munich), Jana Fischer (associate, Frankfurt), Benjamin Bergau (associate, Frankfurt), Friederike Goering (associate, Frankfurt)