CMS and Sweden's Wistrand law firm have advised Nordex SE on its execution of a put option agreement for the potential sale of Nordex's European wind and photovoltaic development pipeline to RWE. Freshfields Bruckhaus Deringer and WKB Wiercinski, Kwiecinski, Baehr reportedly advised RWE on the transaction.
According to CMS, ”the project development pipeline is located across France, Spain, Sweden, and Poland, and accounts for almost 80% of all projects carried out by Nordex to date. In the context of the transaction, it comprises approximately 2.6 GW of wind capacity and includes one of the largest pipelines in France of approximately 1.8 GW, in addition to a 0.1 GW solar photovoltaic pipeline. At closing, the sale price is an estimated EUR 402.5 million before the deduction of any customary fees, taxes, and other adjustments. Nordex will now proceed to conduct an employee consultation process, as is expected in France. This process will have to be completed before Nordex can exercise the put option agreement, whereby the final agreements would then become binding between Nordex and RWE. The sale is subject to foreign investment control in France and the completion of carve-out processes.“
CMS's team included Poland-based Partner Lukasz Szatkowski, Senior Associate Mikolaj Markiewicz, Associate Michal Sowinski, and Lawyers Patrycja Styczynska, Karol Jaworecki, Piotr Galazka, and Dorota Skrodzka, Germany-based Partners Hilke Herchen and Eckart Gottschalk, and France-based Partner Alexandre Morel.