Noerr advises Addigen on acquisition of energy storage developer Corre Energy

Noerr, with a team led by Holger Schmitz, Katrin Andrä, and John Jun, advised the investor Addigen on the German-law related aspects of the acquisition of the assets of the Corre Energy Group. The Corre Energy Group specializes in the development of energy storage projects. The acquisition took place following insolvency after the Dutch holding company Corre Energy B.V. ran into financial difficulties.

In Ahaus, Corre Energy Germany is planning a storage facility that uses electric compressors to store compressed air in underground caverns during periods of surplus electricity generated from renewable energies. When electricity demand is high, the compressed air is released through turbines and converted back into electricity via a generator. This balances the imbalance between electricity demand and supply, similar to pumped storage power plants, stabilizes the power grid, and enables greater integration of fluctuating green electricity into the energy system.

The Danish sister company Corre Energy ApS, which was also part of the transaction, is planning to build an underground hydrogen storage facility together with other partners. Completion of the transfer of shares in Corre Energy ApS is still subject to FDI approval from the competent Danish authority.

Noerr provided comprehensive advice to the investor on the transaction. The advice provided by the integrated team of the Energy & Infrastructure practice group also covered the regulatory and energy law aspects of the project. Plesner advised the investor on Danish law.

Advisors to Addigen: Noerr

Corporate/M&A: Katrin Andrä (Partner), John Jun (Senior Associate), Simon Wittenstein (Project Lawyer, all Berlin)

Regulatory: Holger Schmitz (Partner), Carsten Bringmann (Associated Partner, both Berlin), Ines Mittermeier (Senior Associate, Düsseldorf)

Energy: Gabriele Haas (Senior Counsel, Frankfurt)

Tax: Andre Happel (Partner), Thomas Renner (Senior Associate, both Frankfurt)

Finance: Alexander Schilling (Partner), Maximilian Kempf (Associate), Jonas Strubel (Associate, all Frankfurt)

Advisors Denmark: Plesner

Mathias Heldgaard Harbel, Frederik Lenskjold Olsen, Niklas Korsgaard Christensen

Advisors to Trustee: Trip Advocaten Notarissen

J.J. Reiziger, Jitze van der Meer, Ale van der Wielen

Advisors to Credit Providers Corre Energy: DLA Piper

Olmo Weeshoff, Daan Kalter, and Lindsey Huberts (DLA Piper Netherlands), Christoph Dachner, Lukas Reitebuch, Marius Schüle, Michaela Sopp (DLA Piper Germany), Joachim Kundert Jensen, Alexander Damsgaard, and Emilie Meyer Riisberg (DLA Piper Denmark)