Cross-border team advises Kommunalkredit on financing of thermondo for acquisition of FeBeSol GmbH

Global law firm Norton Rose Fulbright has advised Kommunalkredit Austria AG on the financing of thermondo GmbH with a volume of €20 million for the acquisition of FeBeSol GmbH. The financing consists of a fixed-term loan facility of €17 million and a revolving loan facility of €3 million.

thermondo GmbH, based in Berlin, is Germany's largest heat pump installer, with over 600 permanent tradespeople. Since its foundation in 2013, the company has replaced over 50,000 heating systems in Germany, according to its own figures. thermondo is supported by the Canadian investor Brookfield Infrastructure Partners and the German investors E.ON, HV Capital, Vorwerk, Rocket Internet and 10x.

FeBeSol GmbH, based in Sankt Leon-Rot, is a solar energy company founded in 2009 that supports its customers from planning and application to installation and maintenance of solar systems. To date, the company has installed more than 6,000 photovoltaic systems in Germany and abroad. The acquisition of FeBeSol makes thermondo one of the top 10 players in the German photovoltaic market and strengthens its leading position in the German B2C heat pump market.

Kommunalkredit Austria AG, based in Vienna, is a specialist bank for infrastructure and energy financing in Europe. From the provision of debt and subordinated capital to mezzanine and bridge financing and equity, the company offers flexible financing solutions across the entire capital structure.

Kommunalkredit was advised by an international Norton Rose Fulbright team led by Frankfurt partner Dr. Bernhard Fiedler (Banking/Finance). The team also consisted of Jan Peter Weiland (Counsel, London), Lenka Michalko (Senior Associate), Kristina Thielemann (Associate) (both Frankfurt, Banking/Finance) as well as Bernd Dreier (Partner, Munich) and Dr. Malte Ingwersen (Counsel, Hamburg) (both Corporate/M&A).

thermondo was advised by Lupp+Partner.