Noerr acts in sale of Global PVQ SE i. I. (formerly Q-Cells SE) solar power stations in Italy
The sale of a further foreign holding of Global PVQ SE i. I. – formerly Q-Cells SE – by insolvency administrator Henning Schorisch (hww wienberg wilhelm) has been successfully completed with the legal support of law firm Noerr. A total of 40 companies operating solar parks since 2009 in the southern Italian Basilicata region with installed capacity of 12 megawatt are combined in “QCII Basilicata S.r.L.”
The purchaser is IKAV Global Energy S.à.r.l. (IKAV), represented by Detlef Mertens and Constantin von Wasserschleben as directors. The sale is effective immediately. The purchase price is in two-digit millions and the proceeds go to the creditors of the insolvent Global PVQ SE.
Noerr supported the insolvency administrator especially on insolvency law issues and other German law aspects of the transaction. The law firm also dealt with the structuring of the inter-company relations involved in the transaction. Since the making of the insolvency application, Noerr has advised the insolvency administrator on all issues connected with the realisation of the worldwide interests of Global PVQ SE. Last summer, a Noerr team led by Sebastian Voigt acted in the sale of seven Canadian solar projects with a total capacity of 70 megawatt.
Noerr is among the leading law firms for distressed M&A and, particularly from its Dresden office, has acted in many major cases in the solar sector. These included, in the recent past, the sale of the Q-Cells subsidiary Solibro, the sale of the solar module manufacturer SOLON and the sale of the solar project developer SunStrom. Noerr also advised on the successful restructuring of centrotherm photovoltaics AG and advised the insolvency administrator Volker Böhm on the settlement between Solar Millennium AG and its former management board chairman Utz Claassen.
Advisor to Henning Schorisch (hww wienberg wilhelm) as insolvency administrator of Global PVQ SE and Martin Schoebe and Oliver Vahl (both also hww wienberg wilhelm):
Noerr LLP: Marlies Raschke, Associate: Lars Leupolt (both corporate, Dresden)
International leader: McDermott Will & Emery Studio Legale Associato (Dr. Carsten Steinhauer)