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Capcora supports the transfer of eno energy’s German onshore wind development pipeline
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Jochen Magerfleisch
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Capcora has advised the insolvency administrator of eno energy GmbH, Dr. Christoph Morgen of Brinkmann & Partner, on the sale of a large onshore wind development portfolio in Germany. The transaction marks another key milestone in the orderly continuation of eno energy’s asset base following the company’s insolvency. Under the transaction, a leading German renewable energy developer, has acquired a portfolio of approximately 50 onshore wind projects with a total planned capacity of around 1 GW. The projects are distributed across multiple German federal states and represent a significant share of the pipeline previously developed by eno energy.
The portfolio includes projects at different stages of maturity. Early‑stage sites sit alongside projects that have already reached advanced development, including late‑stage assets for which permit applications under the Federal Immission Control Act (BImSchG) have been formally submitted. This breadth of development stages gives the acquirer a diversified pipeline with both near‑term and longer‑term growth potential.
By transferring the portfolio to a financially strong and experienced developer, the transaction creates a clear path forward for assets that had been at risk of stagnation following the insolvency. The sale enables the continuation of development work and preserves value by ensuring that the projects remain anchored within the German market and progress toward realisation.
The transaction required careful structuring due to the insolvency background and the heterogeneity of the assets. Capcora worked closely with the insolvency administrator and legal advisers to design and manage the process, covering the definition of the asset perimeter, coordination of due diligence, preparation of transaction documentation and support during negotiations.
“This transaction focused on continuity,” says Dr. Christoph Morgen, insolvency administrator and partner at Brinkmann & Partner. “Ensuring that complex development projects can be carried forward under new ownership is an important part of protecting value in an insolvency situation. The transfer of this pipeline achieves exactly that.”
Capcora’s mandate reflects its extensive experience in advising on complex renewable energy transactions, including asset transfers arising from restructuring or insolvency contexts. The firm continues to support clients across the renewable energy landscape on portfolio transactions, special situations and strategic repositioning.
Jochen Magerfleisch, Managing Partner at Capcora, commented: “Large development pipelines rarely consist of uniform assets. In this case, different regions, development stages and legal realities had to be aligned within a single transaction framework. Our role was to provide structure and momentum, allowing a high‑quality portfolio to move forward despite challenging circumstances. We are pleased to see these projects progress under new sponsorship.”
eno energy GmbH and its OEM subsidiary eno energy systems GmbH filed for insolvency in December 2025, following sustained pressure from a highly competitive and tightening German wind market. Prior to the filing, eno energy had already initiated discussions with potential investors, which were subsequently formalised and advanced by the insolvency administrator.
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.
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.
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.
