Capcora advises eno energy on the sale of its service & maintenance and TCM businesses to Iver and a confidential buyer

Capcora has successfully supported the insolvency administrator Dr. Christoph Morgen from Brinkmann & Partner on the execution of several M&A transactions in Germany in connection with the recent insolvency of Rostock‑based onshore wind developer and manufacturer eno energy GmbH. Capcora acted as the exclusive adviser to the administrator, structuring and guiding the sale processes. eno energy systems GmbH, a subsidiary of eno energy GmbH, has successfully sold its wind turbine service and maintenance activities to Iver, Experts in Wind. In a separate transaction, the technical and commercial operations management (TCM) activities of eno energy were sold to a confidential buyer. The two transactions were concluded in December 2025 and January 2026.

The sale of the service and maintenance business to Iver includes eno energy systems’ established service hub in Rostock, the associated regional service points, and the remote‑control centre responsible for continuous monitoring and operational support. As part of the deal, approximately sixty highly experienced technicians, engineers and operational specialists have also joined Iver. They bring extensive expertise, covering a broad range of multi‑brand and eno energy turbine systems, including field service, inspection work, maintenance planning and major repairs. The acquisition marks Iver’s entry into the attractive German wind market, allowing it to further build and scale an already up‑and‑running service business.

Meanwhile, the sale of eno energy’s TCM arm to the confidential buyer will allow operations management activities to continue under new ownership. With the acquisition, members of the TCM team in Rerik who are responsible for the management of numerous wind farms – including operational oversight, performance monitoring, commercial reporting and contract administration – were integrated into the buyer’s organisation.

Throughout the sale of both businesses, the involved parties closely coordinated to ensure operational responsibilities were performed without disruption, allowing wind farms to remain fully operational. In relation to the acquisitions, Iver and the confidential buyer also offered new service contracts to the eno energy customer base.

Both deals were marked by a high level of structural complexity. Capcora supported eno energy through every phase of the process, including the separation of the operational units from the respective entities, the transfer of employees, and the migration of service and management contracts. The advisory mandate also included the structuring of the transaction perimeter, coordination of the entire M&A process, and negotiations.

Capcora’s role in the transaction underlines its position as a leading advisor in the European renewable energy sector. The company continues to support clients from across the industry in strategic divestments, acquisitions, portfolio optimisation and capital structuring.

The Rostock‑based developer eno energy GmbH and its OEM arm, eno energy systems GmbH, both filed for insolvency at the beginning of December 2025. The companies employed approximately 280 people across Rerik, Rostock, Hinrichsdorf and other locations.

Even before filing for insolvency, eno energy had already initiated an investor process, which the insolvency administrator had continued. “Our goal has been to find investors for project development, plant construction, and the service business as quickly as possible, in order to create a future perspective for all business areas and their associated employees,” says Dr. Christoph Morgen.

The insolvency and production halt reflect broader challenges in the German wind industry, including increased competition and market pressures.

Jochen Magerfleisch, Managing Partner at Capcora, said: “These transactions required extensive groundwork and a high level of precision. Separating operational units, transferring employees and ensuring continuity for wind farm operators demanded a disciplined and methodical approach. Our team at Capcora worked through each detail carefully to maintain clarity and stability throughout the process. It was a complex undertaking, and I am pleased that we were able to guide it to a solid and reliable outcome.”

About eno energy GmbH

eno energy GmbH is a German manufacturer and developer of onshore wind energy systems, headquartered in Rostock and Rerik. Since its founding in 1999, the company has built a reputation for high-quality wind turbines and comprehensive turnkey solutions for wind-power projects. With approximately 300 employees across its locations in Germany and decades of experience in wind energy, eno energy positions itself as a reliable partner for clients seeking customised, high-performance, and sustainable wind-energy solutions.

www.eno-energy.com

About Iver

Iver – Experts in Wind works from the Netherlands, Spain, Germany and Romania every day to improve the wind performance of its clients. Iver is growing rapidly and expanding further with expert, tailor-made service for maximum performance and minimum downtime of onshore and offshore wind turbines. Iver offers services including servicing, maintenance, inspection, assembly, disassembly and the purchase and sale of reconditioned parts. The company is on track to become the market leader in wind turbine servicing.

www.iverwind.com

About Brinkmann & Partner

Brinkmann & Partner is a German law firm focused on restructuring and insolvency administration. The firm develops practical, goal-oriented, restructuring concepts and supports their implementation across a broad range of corporate situations. Its approach combines legal expertise with operational insight.

Brinkmann & Partner operates nationwide with 30 offices and approximately 270 employees. The Brinkmann Group includes B&P mbB, B&P Insolvenzverwaltung und Restrukturierung GmbH, and B&P Management GmbH. Its work is carried out by interdisciplinary teams comprising lawyers, tax advisers, and commercial specialists. The firm maintains a collaborative and transparent working model, supported by clear remuneration structures.

www.brinkmann-partner.de

About Capcora

Capcora is an independent financial advisory boutique specialising in M&A and project finance services to accelerate the energy transition in Europe. Founded in 2015, the Frankfurt-based company helps its clients succeed in the renewable energy and infrastructure sectors by advising them on sell-side and buy-side transactions, and by raising mezzanine, unitranche or senior debt.

www.capcora.com