MaxSolar is a rapidly growing independent provider of renewable energy construction, development and storage services in Germany, which was acquired last year by Nature Infrastructure Capital and Greenvolt, who were both extensively involved in the transaction.
The financing facility comprises an initial committed tranche of €165 million and includes a second tranche that will expand the size of the facility by an additional €245 million. The proceeds from the facility will primarily support MaxSolar’s plan to build on its existing 6.5GW project pipeline by constructing 2GW of solar and co-located storage projects over the next five years. The facility will also facilitate the expansion of MaxSolar’s development capabilities, including the recruitment of new international and local talent across its locations in Germany.
The Reed Smith team was led by private credit and infrastructure/project finance partners Kevin-Paul Deveau and Linn Mayhew, with support from partners Rene Lochmann (finance), Martin Bünning (tax), Andreas Jürgens (corporate), Etienne Richthammer (real estate) and Tariq Rasheed (structured finance); associates Billy Fraser, Chloe Benton, Tamari Gvinianidze, Anselm Reinertshofer, Philipp Bergmann and Iman Roy; and trainee Alex Botting.
Deveau commented: “We are delighted to have supported MaxSolar on this important and complex deal that required tremendous efforts from our cross-office and cross-practice team. MaxSolar approached Reed Smith based on our extensive experience in private credit, infrastructure, and projects, both in Germany and the United Kingdom, and the transaction builds on our track record of delivering bespoke private credit solutions for clients that combine multiple product categories across a range of jurisdictions and products. I am proud of the team’s efforts, and I am grateful for our partnership with MaxSolar, National Infrastructure Capital, and Greenvolt. It took a lot of commitment to deliver this deal, and we look forward to MaxSolar’s future success and growth.”
Reed Smith is among a select group of global law firms with a dedicated private credit group that can provide seamless, full-service, cross-border advice on private credit transactions, including in the infrastructure and projects sector. The firm’s global private credit practice includes teams in the United States, Europe, and the Middle East focused on, special situations & distressed, speciality finance and direct lending, with a particular emphasis on bespoke sector-agnostic finance and hybrid credit solutions.