Aqualis announces the sale of its 49.9% stake in ADLER Solar – Extended announcement
The international energy consultancy Aqualis ASA (“Aqualis” or “Company”) has entered into a Purchase and Transfer agreement with D2D4 (“D2D4”) for the sale of its 49.9% investment in ADLER Solar and a separate EUR 349 thousand shareholder loan. D2D4 will pay a cash consideration of EUR 250 thousand for the shares and the shareholder loan. In addition, there is an earn-out clause that may release up to EUR 349 thousand depending on the financial performance and ability of ADLER Solar to repay its original shareholder loan. The transaction will at closing have a positive cash effect of EUR 250 thousand, before any transaction costs and future earn-out.
The closing of the Purchase and Transfer Agreement will take place subject to fulfilment of customary closing conditions. Estimated time of closing is within the next few weeks.
“We have been a 49.9% shareholder in ADLER Solar since 2015 and our ambition has been to expand our energy consultancy business into the solar business as a separate segment beside our oil and gas and offshore wind-related business. The services of ADLER Solar have not been an integrated part of our services within our existing oil & gas and offshore wind consultancy work.
The development of ADLER Solar has not met our ambitions and we believe that a new owner will have a better foundation for developing the company. The market conditions in Germany have been challenging the past years and there have been changes that have adversely impacted ADLER Solar and the solar industry. The sale of ADLER Solar allows us to focus on our core consultancy business in the oil and gas and offshore wind markets and strengthen our position as a leading global player. We strongly believe in the continued expansion of the offshore renewable sector and in our strategy to expand our offshore wind business into emerging markets” says Chairman Glen Rødland
ADLER Solar is a leading full-service provider for the solar power industry. The company offers an extensive spectrum of technical and engineering services for the entire lifecycle of photovoltaic (PV) power plants. ADLER Solar was incorporated in 2009 and today employs 80 people, including operating service teams and PV experts. ADLER Solar is based in Germany. Clients include solar energy plant manufacturers and operators, insurance companies, PV experts, project planners, wholesalers, installers, investors and banks.
The advisory board in ADLER Solar currently consists of Kim Boman (Chairman), Klaus Meier, Jens Eckhoff, Andreas Wellbrock, David Wells and Gerhard Cunze. The management team of ADLER Solar currently consists of Gerhard Kunze (CEO) and Heinz Hackmann (CFO).
Financial information for ADLER Solar is included in the attachment to this announcement.
Key financial data _ADLER Solar
About Aqualis ASA
Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries and associates, offers energy consultancy services to the global oil and gas, wind and solar sectors. The group employs experienced consultants in 19 offices in 14 countries worldwide. Aqualis ASA operates under three different brands: AqualisBraemar, Offshore Wind Consultants and ADLER Solar. AqualisBraemar is a specialized offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Offshore Wind Consultants is a globally focused consultancy providing independent services to the offshore renewables industry. ADLER Solar is a technical and engineering service provider for the global solar industry. Aqualis owns 49.9 percent of ADLER Solar