Bird & Bird advises LBBW on €100 million project financing of German logistics rooftop solar portfolio controlled by Sunrock
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International law firm Bird & Bird has advised Landesbank Baden-Württemberg (LBBW) on a €100 million long term senior project financing for a German rooftop PV (photovoltaic) portfolio controlled by Dutch developer Sunrock.
With this project financing, LBBW enables Sunrock to continue its expansion on the German market and effectively support owners and users of logistics properties in achieving their sustainability goals. The company will use the financing to build a portfolio of rooftop PV systems in Germany. The payout is linked to various criteria, for example, that the systems must be built in Germany, may only be erected on commercial properties and must receive an EEG surcharge.
LBBW is one of the largest banks in Germany and enables the sustainable transformation of the German economy with project financings such as this.
Sunrock is a leading European developer of solar systems for large-scale roofs. Founded in the Netherlands in 2012 as a start-up in the field of solar energy for logistics properties, Sunrock now employs over 160 people in the Netherlands, Germany and France.
LBBW was advised by the following Bird & Bird lawyers: partner Alexander Wojtek, LL.M. (Lead) and associate Dr. Gregor Jentsch (both Finance & Financial Regulation, Hamburg), partner Dr. Matthias Lang and associates Dr. Tobias Büscher and Stefanie Kremer (all Regulatory, Düsseldorf), partner Lars Kyrberg and associate Georg Höxter (both Commercial, Hamburg) as well as partner Dr. Dirk Barcaba and Senior Counsel Elie Kaufman, LL.M. (both Real Estate, Frankfurt).