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Allen & Overy advises the Aloys Wobben Foundation on its sale of QUADRA energy to TotalEnergies

Allen & Overy has advised the Aloys Wobben Foundation (Aloys Wobben Stiftung; AWS) on its sale of the 100% green energy provider QUADRA energy to TotalEnergies.

With QUADRA energy, TotalEnergies has acquired a German market leader in the direct marketing of electricity from renewable energy sources. AWS intends to use the transaction to ensure QUADRA energy's continued growth while itself rigorously focusing on market support for wind turbine manufacturer ENERCON as the core company of AWS. ENERCON is to remain a leading turbine manufacturer in the international wind market and will continue and develop a strategic partnership with QUADRA energy and TotalEnergies in the future.

The parties agreed not to disclose the purchase price. The transaction is subject to clearance by the competent authorities.

The Aloys Wobben Foundation, established in 2012, preserves the life's work of wind energy pioneer Dr Aloys Wobben and secures the independence of the leading German and European wind turbine manufacturer ENERCON in the long term.

QUADRA energy is one of only a few 100% green energy providers in Germany. The company was founded in 2012 and specialises in direct marketing of renewable electricity from wind and solar energy sources and wholesale trading in green electricity. QUADRA energy bundles the electricity from around 5,000 wind and solar power plants with an installed capacity of approx. 9,000 MW in a "virtual power plant" and is thus responsible for around 16 TWh of green power annually. Since 2021, the company has also offered forward and fixed-price solutions (PPAs) for electricity from renewable sources for both producers and large-scale consumers or resellers.

TotalEnergies is a French energy company with global operations and more than 100,000 employees which produces and markets energy: oil and bio fuel, natural gas and green gases, renewable energies and electricity. In the context of its ambitious goal to become carbon-neutral by 2050, TotalEnergies is building up a competitive portfolio of renewable (solar, onshore and offshore wind power) and flexible (combined cycle, storage facilities) plants. In 2022, TotalEnergies produced more than 33 TWh of electricity and boasted a gross capacity of 17 GW for producing electricity from renewable sources. TotalEnergies intends to further expand its activities in this field in order to increase electricity production to more than 100 TWh by 2030 with the aim of ranking among the top 5 global power producers of wind and solar energy.

The Allen & Overy team was led by partner Max Landshut and included associates Jan Axel Jost and Juliana Palavra Gorgueira (all Corporate/M&A, all Hamburg).

Partners Dr Alexander Veith (M&A), Dr Magnus Müller (Tax, both Munich), Dr Tim Müller (Compliance), Dr Udo Herbert Olgemöller (Public Law), Dr Alexander Behrens (Banking Regulatory) and counsel Martina Stegmaier (Banking Regulatory, all Frankfurt) and senior associates Dr Jens Denninger (Tax, Munich), Dr Julia Molestina (Antitrust, Hamburg), Anna Kräling (IP, Düsseldorf), associates Katharina Jünemann (IP, Düsseldorf) and Suzana Cvejic (Banking Regulatory, Frankfurt) were also on the team.

Partner Alexandre Ancel, counsel Flora Leon-Serviere and associate Astrid Achard-Hoffman (all Corporate/M&A, Paris) and partner Olivier Valk and associate Bas Sanders (both Corporate/M&A, Amsterdam) also provided advice from Allen & Overy's Paris and Amsterdam offices.