French company Qair has entered the German renewables market with the acquisition of Green City’s development project portfolio and teams.
Qair said it is taking over a large number of the approximately 150 project companies belonging to Green City, partly together with strategic cooperation partners.
It is also taking over the two operating units of Green City in Italy and France and their employees, as well as the independent company Green City Operations & Management Munich which is responsible for the management of solar and wind plants.
Green City is an integrated project provider for the development, the financing, the construction, and operation of renewable energy assets located in Munich, Germany.
“Taking over 106 highly qualified employees and a sizeable portfolio of wind and solar projects under development, Qair will be able to enter the German market at full speed,” the company said.
Administrator Axel Bierbach said: “Qair ultimately prevailed because the company can offer Green City the best chance of success in the future.
“Qair’s offer convinced us the most conceptually, structurally and financially and is the best solution for both the numerous creditors and the employees of Green City.”
Qair chief investment officer Jochen Nussle said: “We are happy to continue our expansion in Europe with this acquisition, especially since such opportunities are particularly rare in Germany today.
“This will allow Qair group to step into Europe’s largest economy and most mature and dynamic renewable energy market, turning the group into a true pan-European player.”