French energy supplier Engie takes over Mobisol
Berlin, 03.09.2019. The French energy supplier Engie becomes the new owner of Mobisol GmbH, a pioneer in the development of solar systems for households and micro-enterprises in Africa that are not connected to the power grid. The creditors' committee agreed to this proposal of the self-administration and the administrator. The final closing of the transaction is subject to approval by regional antitrust authorities, in particular Tanzania.
Dr. Stefan Weniger (Restrukturierungspartner) says: 'I am very pleased that Mobisol and the idea behind it continue to live on with the restructuring'. And Mobisol administrator Friedemann Schade (BRL BOEGE ROHDE LUEBBEHUESEN) adds: 'Apart from the very rapid takeover, it is particularly good that all jobs will be preserved. Dr. Weniger and Schade are long-standing restructuring experts with experiences in the start-up and energy sector.
Daniel Fritz (DENTONS Europe LLP) supports Mobisol with the same experience in self-administration. The Chief Insolvency Officer (CIO) emphasizes: 'A particular challenge was the immense complexity of seven different, sometimes very special, jurisdictions. The entire process had to be continuously coordinated with English, Chinese, German, Kenyan, Rwandan, Tanzanian and Mauritian law. The entire team worked together wonderfully here.'
'It is very nice that in Engie we have found a truly outstanding partner among many highly professional bidders and that the more than 60 employees in Berlin as well as the more than 500 permanent and 300 freelance employees in Africa have been able to create prospects for them.' Dr. Stefan Weniger
Daniel Fritz emphasizes: 'All in all, this is an international sales process in record time, thanks to the constructive cooperation of all parties involved, including the international lenders. This ensures that over half a million people will continue to be supplied with electricity independently of the grid.'
The decision of the antitrust authority in Tanzania still has to be awaited. The parties involved expect a decision in autumn. 'Basically, we are confident that the competition authority will give the green light and thus preserve the important employer and off-grid electricity supplier for Tanzania,' said Friedemann Schade.