Germany: Qair acquires Green City's development project portfolio
Qair announces the acquisition of a significant development portfolio in Germany
This acquisition reinforces Qair’s position in Europe and establishes its presence in Germany
Qair asserts its ambitions to develop its operation in the largest European economy
Paris, 3 June 2022 – Qair, a leading French independent producer of renewable energy pursues its strategic objective of refocusing on its European establishment and enters the German market with the acquisition of Green City’s development project portfolio and teams.
Broadening a strong European footprint
Active in France, Poland, Spain, Italy, Romania, Greece and most recently the United-Kingdom with the opening of a subsidiary in Scotland following the awarding of 2GW of offshore wind capacity, Qair continues its strategy to cover the most advanced markets in Europe.
As part of the asset deal signed last Tuesday, Qair is taking over a large number of the approximately 150 project companies belonging to the group, partly together with strategic cooperation partners. Qair also takes over the two operating units of Green City AG in Italy and France with their employees as well as the independent company Green City Operations & Management GmbH, Munich which is responsible for the management of photovoltaic and wind plants.
With a proven 30 years track record, Green City is an integrated project provider for the development, the financing, the construction, and operation of renewable energy assets located in Munich, Germany. Taking over 106 highly qualified employees and a sizeable portfolio of wind and solar projects under development, Qair will be able to enter the German market at full speed.
The sale of the energy transition company was preceded by a multi-stage structured investor process that saw an exceptionally high number of prospective buyers from Germany and abroad. “Qair ultimately prevailed because the company can offer Green City AG the best chance of success in the future,” administrator Axel Bierbach explained. “Qair’s offer convinced us the most conceptually, structurally and financially and is the best solution for both the numerous creditors and the employees of Green City AG,” he said.
“I am very pleased that we have achieved our goals in such a short time: With Qair we have found a buyer who will continue the promising project development business with almost the entire workforce, also with the cooperation partners involved,” said Axel W. Bierbach, attorney and insolvency administrator at Müller-Heydenreich Bierbach & Kollegen
“We are happy to continue our expansion in Europe with this acquisition, especially since such opportunities are particularly rare in Germany today. This will allow Qair group to step into Europe’s largest economy and most mature and dynamic renewable energy market, turning the group into a true pan-European player” said Jochen Nüssle, CIO of Qair.