In an era of growing environmental awareness and simultaneous efforts to achieve energy independence, the renewable energy market is undergoing a real revolution. Solar panels for homes are no longer at the cutting edge, but have instead become a widely available and highly attractive option. This is particularly pertinent for the increasing number of people who are charging electric and hybrid cars in their driveways.

We remain at the heart of these dynamic changes, partly thanks to our involvement in a ground-breaking transaction in this sector.

We advised on the Polish aspects of Swiss Life Asset Managers’ acquisition of Otovo’s solar subscription asset portfolio. This is undoubtedly one of the first transactions of its kind in the residential distributed energy sector in Europe. This has given us unique know-how and experience, significantly expanding our existing portfolio of energy projects.

Pioneering acquisition of a portfolio of residential solar subscription assets across eight European countries

These days, thousands of homes across Europe use clean, cheaper solar energy. Moreover, they do so on a subscription basis, meaning they avoid high one-off installation costs.

From a business perspective, these are unique assets consisting of around 6,000 existing and planned solar and battery systems for households. These systems operate under 20-year subscription agreements with consumers in eight European countries, including Austria, Germany, France, Spain and Poland. The value of this portfolio is expected to total around EUR 105 million (approx. NOK 1.2 billion) once all systems are completed.

We believe this transaction forms the basis for a long-lasting partnership that we hope will help tens of thousands of homes to get cheaper and cleaner electricity. Otovo is a uniquely positioned platform to create attractive energy assets that fit perfectly with our investment strategies, says Marc Schürch, Head of Renewable Energy of SwissLife Asset Managers.

For Otovo this is a seminal event that has frees up cash and refines our business model. It feels like making landfall after a long journey, adds Andreas Thorsheim, CEO of Otovo.**

The role of Kochański & Partners

This cross-border transaction was structured as an acquisition of a Norwegian holding company that owns a portfolio of special purpose vehicles in eight European countries: Austria, Belgium, France, Germany, the Netherlands, Portugal, Spain, and Poland. Our task was to ensure that the Polish legal aspects of the venture were fully secured.

Throughout the transaction, we:

  • Carried out legal, regulatory and real estate due diligence investigations
  • Provided pre-closing support in negotiating the share purchase agreement governed by Norwegian law, from a local perspective
  • Provided closing assistance, giving the client full legal certainty and thus contributing to the successful completion of this unique acquisition
  • Provided post-closing support

“We are proud to have been part of this pioneering transaction in the rapidly growing European distributed energy market, paving the way for a sustainable energy future, ” says Łukasz Młynarkiewicz, Partner and Head of the Infrastructure, Energy, Environment and ESG Practice Group.

“We are delighted to have been involved in this transaction. It was a great collaboration and we would like to thank our colleagues at Arntzen de Besche Advokatfirma AS, who led the project, for their trust and partnership,” adds Natalia Kotłowska-Wochna, Partner and Head of New Tech M&A.

The transaction was led by Natalia Kotłowska-Wochna, Krzysztof Zięba and Łukasz Młynarkiewicz in collaboration with Paweł Cholewiński.

** Based on Euronext press releases

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