DLA Piper advises Solas Capital on major EV infrastructure financing with Greenman Energy

DLA Piper has advised Solas Capital AG, a Swiss-Irish investment advisory firm, on the financing of photovoltaic systems and electric vehicle (EV) charging stations at supermarket locations across Germany. The financing was structured through a secured registered bond and represents one of the largest non-recourse project financings in the German EV charging infrastructure sector to date.

The financing is being provided via the Solas Sustainable Energy Fund (SSEF), an EUR10 million investment fund focused on energy efficiency. The project will see the installation of 132 EV charging stations across 26 sites in Germany. The initiative is expected to reduce CO₂ emissions by 537 tonnes in 2025 and by more than 15,350 tonnes cumulatively by 2033 – equivalent to removing thousands of combustion engine vehicles from German roads.

This transaction marks Solas Capital’s strategic entry into the e-mobility sector, building on its established expertise in photovoltaic financing. Supported by DLA Piper, Solas Capital has developed an innovative, scalable financing model that enables the phased expansion of EV infrastructure through the issuance of additional bonds. The model is designed to meet stringent ESG criteria and serves as a blueprint for future ESG-aligned investments in the German market.

Solas Capital, headquartered in Zurich with offices in Munich and Dublin, finances projects in line with the European Investment Bank’s highest ESG standards. This is the company’s first deal in the German market.

The Greenman Group is an Irish real estate investor focusing on retail properties. The issuer of the registered bond is a subsidiary of Greenman Energy GmbH & Co. KG, which was established specifically for the energy division.

The cross-practice DLA Piper team was co-led by Counsel Tobias Daubert (Finance, Frankfurt) and Partner Michaela Sopp (Finance, Munich), with Senior Transaction Specialist Laura Sollacher (Finance, Munich) in the core team. In addition, Partners Dr Manuel Indlekofer (Real Estate/Infrastructure, Munich) and 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) were involved.