CaseFlusi, Tyskland

Repowering the Flusi solar park

We completely changed course and secured a repowering of the Flusi solar park – a 2,265 MW solar plant near Oldenburg, Germany. When we took over the project, it was an extremely stressed solar power plant that was completely out of service.

When we took over the project, it was a 2,265 MW solar plant under extreme pressure and completely out of operation.

The project faced major financial and technical challenges caused by faulty solar panels and poor management. The financing bank and other creditors defaulted on all their agreements – in short, the situation was critical no matter how you looked at it.

The project’s documentation was severely lacking due to poor administration by the previous administrator. The solar park was under heavy pressure from local authorities, who insisted that it be put back into operation or removed immediately at the owners’ expense.

There was no money in the solar farm – the owners had to refinance and bring money into the project to avoid going bankrupt.

Momentum analyzed the situation thoroughly and approached investors with a plan to save the project from bankruptcy. We contacted the financing bank and creditors to find a solution. The existing investors bought the assets that were out of service as well as the rights to the business, leaving room for the funding bank to exit. New financing was then arranged from a reputable German bank.

24,000 defective solar cells were removed and replaced with 6,000 new ones, as the old solar cells exploded or spontaneously caught fire, posing a risk of damage to the area as well as people. Within a year of Momentum taking over responsibility for helping the owners, the project was back up and running. Production has since been further increased as the capacity of the solar farm has been expanded by another 750 kW.

New direction for finance, technology and the local situation

Momentum saved the company from the brink of bankruptcy and saved investors’ money. The project now yields a return of 6-7% after all costs, including the initial investment. We ensured satisfactory legal, technical and financial due diligence to establish a more secure foundation going forward.

A long-term plan to increase capacity

The following repowering of a 750 kW capacity has already been implemented and the solar cells are in operation – and there are plans to repower another 500 kW in the near future. Investors now have a functioning asset and all the necessary documentation is finally in order. All processes and reports to investors are running smoothly and the pressure the company was under is now eliminated.