Enerparc attracts more than 100 potential investors as insolvency sale moves forward
Over 100 investors have shown interest in acquiring Enerparc AG, a major German solar IPP, following its insolvency filing, with Rothschild overseeing the M&A process and a first transaction expected by year-end.
More than 100 potential investors have expressed interest in acquiring Enerparc AG, one of Germany’s largest independent solar power producers, after its insolvency filing in early September. Investment bank Rothschild has been appointed to manage the M&A process, with a decision on advancing bidders expected by mid-October. Preliminary insolvency administrator Stefan Denkhaus expressed confidence in finalizing a first transaction before the end of the year, citing existing indicative bids and optimism for an announcement in December.
The initial transaction is expected to include solar park portfolios, the project pipeline, stakes in companies such as Sunnic Lighthouse and Enerparc Service, and the workforce. Further transactions involving additional solar portfolios are unlikely before the first quarter of 2027. Denkhaus favored bidders interested in acquiring Enerparc as a whole, while potential buyers include both strategic investors like utilities and financial investors. The sale process is expected to result in an asset deal rather than a capital increase.
Enerparc’s total financial liabilities amount to approximately €3.3 billion, including around €2.2 billion in project financing largely secured against individual solar parks. An insolvency loan in the low tens of millions of euros is being arranged to maintain operations until an investor takes over, with funding expected to cover the period between signing and closing a transaction. Losses are anticipated for providers of guarantees securing Enerparc’s suppliers and for the company’s direct lenders, though project lenders are not expected to face significant losses.
Stabilizing the electricity trading subsidiary Sunnic Lighthouse has been a priority since Enerparc’s insolvency filing, with banks expected to provide replacement guarantees to restore security for external partners. Financing arrangements for solar projects under construction remain unresolved, including negotiations over 14 to 15 plants close to completion. The insolvency affects nearly 380 employees at Enerparc AG and 84 at Pvwerk and Sonnentiefbau, with insolvency benefits covered until Nov. 30 and formal proceedings expected to open on Dec. 1 at the earliest.