Qair acquires Green City’s development project portfolio

Broadening a strong European footprint

Active in France, Poland, Spain, Italy, Romania, Greece, and most recently the UK with the opening of a subsidiary in Scotland following the awarding of 2 GW of offshore wind capacity, Qair continues its strategy to cover the most advanced markets in Europe.

As part of the asset deal signed, Qair is taking over a large number of the approximately 150 project companies belonging to the group, partly together with strategic co-operation partners. Qair also takes over the two operating units of Green City AG in Italy and France with their employees as well as the independent company Green City Operations and Management GmbH, Munich, which is responsible for the management of photovoltaic (PV) and wind plants.

Green City

With a proven 30 years track record, 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 sale of the energy transition company was preceded by a multi-stage structured investor process that saw an exceptionally high number of prospective buyers from Germany and abroad. “Qair ultimately prevailed because the company can offer Green City AG the best chance of success in the future,” Administrator Axel Bierbach explained. “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 AG,” he said.

“I am very pleased that we have achieved our goals in such a short time: With Qair, we have found a buyer who will continue the promising project development business with almost the entire workforce, also with the co-operation partners involved,” said Axel W. Bierbach, Attorney and Insolvency Administrator at Müller-Heydenreich Bierbach and Kollegen.

“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,” said Jochen Nüssle, CIO of Qair.

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