With the acquisition of Green City’s development project portfolio and personnel, French business Qair has joined the German renewables industry.
Qair stated it is acquiring a big number of Green City’s around 150 project companies, partly in collaboration with strategic cooperation partners.
It will also take over Green City’s two operating units in Italy and France, as well as the independent firm Green City Operations & Management Munich, which is in charge of solar and wind plant management.
Green City is a Munich-based integrated project provider specialising in the development, financing, construction, and operation of renewable energy assets.
The company have said “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.”
Axel Bierbach, the company Administrator, 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.”
Jochen Nussle, Qair chief investment officer, 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.”