The basic idea
A buyer does not acquire a plant but a bundle of rights, contracts and evidence. Whether that bundle is complete, transferable and free of surprises decides price and completion.
Transaction preparation therefore does not begin shortly before a sale but with the first contract. A lease without a transfer clause, a connection offer issued to the wrong entity, a report without third-party usage rights — each of those costs months or money later.
Sequence of a handover
Preparation
Review the corporate structure, complete the data room, ensure every contract is transferable. This work happens before the first investor conversation.
Approach and confidentiality
Anonymised teaser, then a confidentiality agreement, then data room access. No project detail before the agreement.
Due diligence
Legal, technical, tax and commercial review by the acquirer and its advisers. We answer questions in writing and on the record.
Negotiation
Purchase agreement, warranties, indemnities, price mechanics, conditions to completion. In forward structures also the definition of milestones.
Completion
Transfer of shares or assets, notifications to grid operators and authorities, handover of documentation.
Transition
Support for the acquirer up to operational takeover; further development services on request.
What is actually handed over
Not in the abstract, but as a list. What is missing here is missing from the data room too.
| Area | Item |
|---|---|
| Company | shares in the project company, register documents, management arrangements |
| Land | lease or option agreement, registration in the land register, cable rights, access agreement |
| Grid | connection offer, connection contract, contribution notice, correspondence with the operator |
| Permits | building permit or preliminary decision, all expert reports with usage rights for successors |
| Engineering | detailed design, single-line diagram, unit certificates, certification route under VDE-AR-N 4110 |
| Construction | EPC quotes or contracts with price and schedule commitment, securities |
| Commercial | financial model with sources, marketing concept, quotes from direct marketers |
Why one company per project
Every venture sits in its own project company. The reason is not formality but transferability: a share deal transfers permits and connection contracts without rewriting each individual contract.
The second reason is ring-fencing. A company that holds one project and has never done anything else can be examined. A company with mixed history raises questions in every due diligence that nobody can answer conclusively.
