A team led by capital markets law expert Dr. Thorsten Kuthe, partner at the commercial law firm Heuking Kühn Lüer Wojtek’s Cologne office, comprehensively advised 7C Solarparken AG on the acquisition by way of an in-kind capital increase of six photovoltaic plants in Rhineland-Palatinate and Bavaria from a Luxembourg-registered solar fund controlled by a British investor.
On August 31, 2015, the Management Board had resolved with the approval of the Supervisory Board to use the 2015 authorized capital to issue 5.2 million ordinary no-par value bearer shares of 7C Solarparken AG and to pay a cash purchase price of EUR 2.7 million in exchange for the contribution in kind.
As a result of the transaction, 7C Solarparken AG’s total portfolio will increase from 71 MWp to 85 MWp. With the acquisition, the company expects an increase in adjusted EBITDA by 25% compared to the guidance of EUR 18.0 million to EUR 19.0 million for 2015.
7C Solarparken AG is the owner and operator of solar power plants with a clear focus on the German solar market. The company's strategy is to increase cash flow per share by cutting costs, improving plant efficiency of the portfolio, and selected growth, mainly with assets in the 1-5 MWp class with potential for optimization. More than 90% of the assets in the portfolio are in Germany. A smaller part of the portfolio is located in France, Belgium, and Italy.
The team led by Dr. Thorsten Kuthe had advised the company already earlier this year as transaction counsel on a share listing with prospectus from a capital increase in kind.
Counsel to 7C Solarparken AG
Heuking Kühn Lüer Wojtek:
Dr. Thorsten Kuthe (Capital Markets, Lead), Cologne
Miriam Schäfer (Capital Markets), Düsseldorf
Christopher Görtz (Capital Markets), Cologne