Bird & Bird advises Cerberus on the acquisition of Solar - Portfolio

24 November 2017

Bird & Bird LLP advised Cerberus on the bid and simultaneous acquisition of a loan portfolio of the HSH Nordbank (HSH) and an associated debtor structure from Kaiserwetter.

Following a bid on a renewable energy loan portfolio, HSH sold a loan portfolio in the area of solar energy for Spanish projects consisting of three different units (Transactable Units). The transaction compromises the acquisition of i) senior secured facilities from HSH, that finance a portfolio of PV assets in Spain; ii) 100% interest in German and Luxemburg entities and their subordinated loans from each of their Danish and German shareholders.

In addition, Cerberus acquired the shares of in total 9 German debtor entities, and their 217 Spanish project companies of one Transactable Unit of the HSH loan portfolio from Kaiserwetter in a separate sales process. The portfolio has an aggregated installed capacity of 49 MWp.

Together with the team of White & Case in London, Cerberus was advised by the following Bird & Bird lawyers: Lead: Partner Hermenegildo Altozano (Corporate, Madrid) and Partner Dr. Michael Jünemann (Finance, Frankfurt).

Spain: Partner José Luis Lorente Howell (Finance), Partner Montserrat Turrado (Tax), Associates Alejandro Ruiz Gallardon, Emilio Martinez, Laura Benedicto and Paloma Belascoain (all Corporate), Associates Elena Martinez Arce and Isabel Rodriguez (both Finance), Associate María González and Rocio Gil (both Tax), all Madrid

Germany: Counsel Stephan Kübler (Corporate, Munich), Dr. Stephan Waldheim (EU & Competition, Düsseldorf), Dr. Ole Brühl (Corporate, Hamburg), Associates Johannes Wirtz, Stanislav Schmidt, Sonja Ebert and Marianne Nawroth (all Finance, Frankfurt), Associate Dr. Angela Kast (Finance, Munich), Associate Benedikt Weiss (Corporate, Munich), Associate Heike Lesch (EU & Competition, Düsseldorf)

Denmark: Partner Philip Graff (Finance), Partner Ulrik Laustsen, Legal Consultant Ke Zhang, Associate Caroline Smith (all Corporate), Elayna Michelsen (Commercial), all Copenhagen

The Netherlands: Partners Pauline Vos, Rene Rieter and Olaf Trojan (all Corporate, all The Hague)

Poland: Partners Slawomir Szepietowski (Finance), Rafal Dziedzic (Corporate), Counsels Andrzej Nentwig, Katarzyna Otwinowska (both Commercial), Ida Komorowska (Corporate), Associates Maciej Georg, Anna Fujak, Adam Lukaszewski and Joanna Niewiadomska (all Finance), Andrzej Walkiewicz, Lukasz Petelski and Cyprian Szeretucha (all Commercial), all Warsaw

Belgium: Partners Brent Springael (Tax, Brussels), Anne Federle and Jose Rivas (both EU & Competition, Brussels)