Commerz Real’s Acquisition Of Shares In A Portfolio Of EnBW Energie Baden-Württemberg AG

CMS advised EnBW Energie Baden-Württemberg AG on the deal.

EnBW Energie Baden-Württemberg AG has sold 49.9% of the shares in a portfolio comprising 14 onshore wind farms with 47 wind turbines and total output of 133 MW to Commerz Real’s Klimavest impact fund. The wind farms were developed by EnBW, with most of them becoming operational in 2017. EnBW will continue to manage, service and maintain the wind farms and market the electricity they generate. The parties agreed not to disclose details of the purchase price. The transaction is currently awaiting approval from the competition authorities and is expected to close in spring 2021.

EnBW AG is one of the largest energy utilities in Germany and in Europe. Headquartered in Karlsruhe, the company employs over 24,000 people and supplies around 5.5 million customers with electricity, gas and water, as well as energy solutions and energy-related services.

Commerz Real manages assets of around EUR 34 billion. With a transaction volume of around EUR 7 billion, the company describes itself as one of the largest German asset managers in the infrastructure project segment. It currently manages more than 50 solar power plants and 20 onshore and offshore wind farms.

CMS team included Dr Jochen Lamb (Picture), Lead Partner, Dr Carolin Armbruster, Lead Partner, Martina Meier-Grom, Counsel, Birgit Schlemmer, Associate, all Corporate/M&A, Dr Ursula Steinkemper, Partner, Dr Clara Volkert, Senior Associate, both Public, Dorothée Janzen, Partner, Commercial Law, Dr Constantin Lentz, Senior Associate, Energy, Dr Hans-Fabian Kiderlen, Counsel, Real Estate, Dr Martin Mohr, Counsel, Tax, Dr Daniel Voigt, Partner, Dr Marc Seibold, Partner, Dr Andreas Grunert, Principal Counsel, all Banking & Finance, Dr Christian Friedrich Haellmigk, Partner, Merger Clearance, Stephanie Schulz, Senior Legal Consultant, Tagrid Chahrour, Legal Consultant, Conrad Gräwe, Legal Consultant, all Smart Operations.

Inhouse at EnBW: Patrizia Berck, Lead Counsel, Onshore/Photovoltaic, Anne-Christine Birkle, Project Management M&A, Timo Lorkowski, Project Lead Asset Management, Diana Vogel L.L.M., Team Lead Asset Management, Ann-Karin Weber, Tax, Leonie Beling, Civil Law, Tim O. Krautschneider and Britta Vogt, both Public Law.

Involved fees earner: Carolin Armbruster – CMS Hasche Sigle; Andreas Grunert – CMS Hasche Sigle; Christian Haellmigk – CMS Hasche Sigle; Dorothée Janzen – CMS Hasche Sigle; Hans Fabian Kiderlen – CMS Hasche Sigle; Jochen Lamb – CMS Hasche Sigle; Constantin Lentz – CMS Hasche Sigle; Martina Meier-Grom – CMS Hasche Sigle; Martin Mohr – CMS Hasche Sigle; Birgit Schlemmer – CMS Hasche Sigle; Marc Seibold – CMS Hasche Sigle; Ursula Steinkemper – CMS Hasche Sigle; Daniel Voigt – CMS Hasche Sigle; Clara Volkert – CMS Hasche Sigle;

Law Firms: CMS Hasche Sigle;

Clients: EnBW Energie Baden-Wuerttemberg;

Author: Federica Tiefenthaler