DLA Piper advises Solas on EV charging financing with Greenman

DLA Piper has advised Solas Capital, a Swiss-Irish investment advisory firm focused on sustainable investments, on the financing of photovoltaic systems and electric vehicle (EV) charging stations at supermarket locations through a secured promissory note. The transaction ranks among the largest non-recourse project financings in the EV charging infrastructure sector in Germany to date.

The financing is being conducted through their Solas Sustainable Energy Fund (SSEF), an investment fund specializing in energy efficiency with a volume of EUR 10 million. The objective is to install 132 EV charging stations at 26 locations across Germany. The expected CO₂ savings amount to 537 tons in 2025 and cumulatively over 15,350 tons by 2033, equivalent to removing thousands of combustion engine vehicles from German roads.

Solas Capital already has extensive experience in financing photovoltaic systems and is now entering the electric mobility sector for the first time with DLA Piper’s support through the financing of EV charging infrastructure. The financing of a bundled portfolio of EV stations enables successive expansion of the portfolio through the issuance of additional bonds and serves as a model for future ESG-compliant investments by Solas Capital in the German market. As part of the transaction, an innovative and tailored financing concept was developed and implemented in collaboration with the client – taking into account demanding ESG criteria.

Solas Capital AG, headquartered in Zurich with offices in Munich and Dublin, finances projects according to the highest ESG criteria of the European Investment Bank (EIB). With this transaction, the company is entering the German market for the first time.

The Greenman Group is an Irish real estate investor focused on retail properties. The issuer of the promissory note is a subsidiary of Greenman Energy, which was specifically established for the energy division.

The cross-practice DLA Piper team was jointly led by Counsel Tobias Daubert (Finance, Frankfurt, PICTURED) and Partner Michaela Sopp (Finance, Munich) with Senior Transaction Specialist Laura Sollacher (Finance, Munich) in the core team. Additionally involved were Partner Dr. Manuel Indlekofer (Real Estate/Infrastructure, Munich), Dr. Marie-Theres Rämer (Tax, Frankfurt), Counsel Christopher Ollech (Energy, Cologne), Senior Associate Dr. Lilian Gutkin and Associate Julia Ambs (both Real Estate/Infrastructure, Munich).