Osborne Clarke has advised Swiss-based investor re:cap global investors AG and its RE Infrastructure Opportunities fund on the acquisition of a photovoltaic portfolio from Vattenfall AG. The parties agreed not to disclose the purchase price.
re:cap is one of the leading European investors and asset managers in the renewable energy sector. The project portfolio comprises a total of three solar parks in Mecklenburg-Vorpommern with a total capacity of 27.5 MWp and a possible extension of another 2.5 MWp. In total, 11,000 households can be supplied with renewable energy, thus saving around 20,000 tonnes of CO2 per year. The energy generated from the portfolio is marketed partly through the EEG (Renewable Energy Sources Act) and partly through PPAs (Power Purchase Agreements). With the acquisition of the solar parks, the RE Infrastructure Opportunities portfolio grows to 31 projects with a total output of around 300 MW.
Thomas Seibel, Managing Director of re:cap global investors AG, says:
PPA projects are playing an increasingly important role in our strategy. The new photovoltaic projects are therefore an important building block for the further expansion of our portfolio. Thus, we will continue to have a strong focus on electricity marketing via PPAs in the future, but without losing the security of government feed-in tariffs from other projects in our portfolio. With Osborne Clarke, we have a strong partner for transactions and advising on the conclusion of PPAs.
The RE Infrastructure Opportunities has been designed specifically for institutional investors and invests in a range of technologies including solar, wind, hydro and battery storage. The current investment focus is on solar PV in core European markets such as Germany, Denmark, the Netherlands, France, Sweden and Spain.
The Osborne Clarke team advised on all aspects of the transaction, in particular the negotiation and conclusion of the PPA. The international law firm thus again underlines its strong development towards larger portfolio transactions and comprehensive project advice in the field of renewable energies and institutional investors.
The team led by Dr Christoph Torwegge (Corporate / M&A, partner responsibility) and Alexandra Nautsch (Corporate / M&A, lead) consisted of Felix Jaeger, Leonie Müller (both Corporate / M&A), Dr Daniel Breuer and Dr Marleen Rheker (both Projects Regulatory, esp. PPA), Dr Karla Klasen, Yelena Bonzel (both Projects Commercial), Romeo Szejnmann and Tim Schultze (both Projects Real Estate).
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