Could 3 (Renewables Now) – The insolvency administration of Inexperienced Metropolis AG is in talks with a small group of strategic buyers and a deal for the sale of the struggling German renewables developer is predicted by the top of Could.
The prospects are promising as there was an exceptionally huge variety of buyers, insolvency administrator Axel Bierbach mentioned on Monday. The seek for a purchaser is now within the third and closing section, Bierbach added.
Inexperienced Metropolis AG filed for insolvency in January after failing to succeed in an settlement with buyers on its restructuring and the district court docket of Munich opened the insolvency proceedings on Could 1.
In the meantime, the operations of the Munich-based firm have been stabilised and a restructuring course of has been launched.
The insolvency administration seeks to place the renewables developer in the very best manner earlier than the sale. The undertaking rights for a photo voltaic park in Brandenburg have already been bought whereas different belongings within the undertaking pipeline, together with a number of hundred megawatts, are being reviewed and structured on the market.
For the reason that insolvency submitting on the finish of January, Inexperienced Metropolis has accomplished a wind park in Saarland and two photo voltaic farms in Saxony with a complete capability of round 25 MW. The operation of the present vegetation of a mixed 150 MW was additionally totally ensured.
In the midst of restructuring and specializing in the core enterprise, Inexperienced Metropolis AG has already bought its consulting subsidiary Inexperienced Metropolis Expertise GmbH which specialises in sustainable mobility and concrete growth.
The insolvency administration is exploring numerous choices for the way forward for Inexperienced Metropolis AG’s subsidiaries GCE Kraftwerkspark I GmbH, Inexperienced Metropolis Power Kraftwerkspark II GmbH & Co. KG, Inexperienced Metropolis Power Kraftwerkspark III GmbH & Co. KG and Inexperienced Metropolis Solarimpuls I GmbH & Co. KG. The insolvency proceedings for these companies are anticipated to open firstly of July.