The Tübingen Local Court has opened insolvency proceedings in respect of the assets of SOWITEC group GmbH, SOWITEC international GmbH, SOWITEC operation GmbH and SOWITEC projekt GmbH, and has appointed GÖRG partner Dr Holger Leichtle as insolvency administrator. Business operations at the affected companies will continue. In parallel, a structured M&A process has been launched for the planned sale of project rights held by SOWITEC operation GmbH and other companies within the SOWITEC Group.
Capcora has been retained to provide exclusive M&A advisory services. The mandate was awarded by the creditors’ committee on the recommendation of the insolvency administrator, Dr Holger Leichtle. The portfolio up for sale comprises wind project rights with a total capacity of around 32 GW in Germany, Argentina, Brazil, Colombia and Mexico. Of this total, around 330 MW relates to projects in Germany
Capcora is coordinating the corporate M&A process and managing the centralised outreach to potential investors. Its tasks include, in particular, preparing the transaction documentation, managing the bidding process and providing support throughout due diligence, commercial negotiations and contract discussions. The aim of this structured process is to centralise investor outreach and achieve the best possible realisation of the portfolio in the best interests of the creditors.
Insolvency administrator Dr Holger Leichtle and his team are ensuring the continued operation of the affected companies in parallel with the ongoing investor process. At the same time, they are working with the other parties involved to explore options for the best possible realisation of the existing project rights.
The SOWITEC Group, headquartered in Sonnenbühl-Willmandingen, has been developing wind and solar projects for more than 30 years. Its business model involves identifying suitable sites, planning the facilities and obtaining the necessary permits. The project companies are usually sold to investors and utility companies, which then operate the wind farms.
The SOWITEC companies development GmbH and service GmbH are not in insolvency.
Insolvency administration of the SOWITEC Group
GÖRG Partnerschaft von Rechtsanwälten mbB / GÖRG Insolvenzverwaltung Partnerschaft von Rechtsanwälten mbB / GÖRG Rechtsanwälte/Insolvenzverwalter GbR
Dr Holger Leichtle (Partner, Insolvency Administration and Restructuring, Stuttgart)
