Baker McKenzie advised Commerz Real Kapitalverwaltungsgesellschaft (KVG) on all legal and tax aspects of its acquisition of two wind farms in Rhineland-Palatinate and Saarland for its "CR Institutional Renewable Energies Fund". The seller is the international project developer BayWa r.e. based in Munich. BayWa r.e. will continue to provide the technical management of the wind farms. The parties agreed not to disclose the purchase price.
The wind farm erected in Spechenwald (Saarlouis district) in Saarland comprises three Nordex wind turbines with a total capacity of 9.0 megawatts and was commissioned in September 2018. In January 2019, the Sien wind farm in the Rhineland-Palatinate district of Birkenfeld is to be commissioned with two Vestas wind turbines and a total capacity of 7.2 megawatts. The operating life is 25 years in each case. There are full maintenance contracts for 20 years with the turbine producers.
The "CR Institutional Renewable Energies Fund" is structured as a closed special AIF (Alternative Investment Fund) and is building a diversified portfolio of onshore wind farms in Germany with a total volume of around 300 million euros for professional and semi-professional investors.
"Once again, we were able to successfully support Commerz Real with our legal and tax expertise in the field of energy and infrastructure," comments Baker McKenzie partner Dr. Tim Heitling, who lead the transaction together with Dr. Thomas Dörmer.
Commerz Real is a fully-owned subsidiary of Commerzbank AG with more than 45 years of market experience and approximately EUR 31 billion in assets under management. The company combines comprehensive know-how in asset management with a broad-based structuring expertise to deliver its signature within a range of asset focused fund products and individual financing solutions. The fund spectrum includes the open-ended real estate fund hausInvest, institutional investment products as well as entrepreneurial participations under the brand name CFB. At the same time, Commerz Real offers a wide spectrum of attractive investment solutions for institutional investors concentrating on the real estate, renewable energies and infrastructure segments.
Commerz Real Kapitalverwaltungsgesellschaft is a wholly-owned subsidiary of Commerz Real. Founded in 2013 and headquartered in Düsseldorf, the company is responsible within the Commerz Real Group for the launch, distribution, and management of alternative investment funds (AIF) in accordance with the rules of the German Investment Code.
As a wholly-owned subsidiary of BayWa AG, BayWa r.e. renewable energy GmbH (BayWa r.e.) bundles the activities in the business sectors solar energy, wind energy, bioenergy, geothermal energy and energy trading. Based in Munich, BayWa r.e. has global operations. As a full service partner with over 1,500 employees BayWa r.e. develops, implements, advises on and supports projects in the renewable energy sector.
The Energy & Infrastructure team of Baker McKenzie regularly advises on national and international transactions, projects, financing and joint ventures. Recently, it advised Commerz Real Kapitalverwaltungsgesellschaft (KVG) on the acquisition of the wind farm Fläming, 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 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 and tax advisor to Commerz Real:
Lead: Dr. Tim Heitling (M&A/Energy, partner, Berlin)
Dr. Thomas Dörmer (M&A/Energy, partner, Berlin)
Team: M&A/Energy: Dr. Daniel Neudecker (senior associate, Berlin), Dr. Claire Dietz-Polte (senior associate, Berlin), Vivien Vacha (associate, Berlin)
Öffentliches Recht/Real Estate: Dr. Janet Butler (counsel, Berlin), Maximilian Voll (associate, Berlin)
Corporate/M&A: Dr. Holger Ellers (partner, Berlin), Anna-Luise Werder (associate, Berlin)
Tax: Dr. Dr. Norbert Mückl (partner, Munich), Benjamin Bergau (associate, Frankfurt)