More than 10 non-binding offers have been submitted in the investor process for insolvent German solar developer and IPP Enerparc, with a smaller group of bidders advancing to a second phase.

The selected parties will now undertake due diligence on Enerparc and its assets before submitting binding offers.

The shortlist has been kept to a limited number of bidders to allow the company and its advisers to manage the due diligence process within available personnel and organisational resources.

The process includes solar park portfolios and project pipeline as well as potentially also stakes in non-insolvent subsidiaries, including energy trading business Sunnic Lighthouse and Enerparc Service.

Preliminary insolvency administrator Stefan Denkhaus of BRL continues to target the signing of sale agreements in December 2026, with the transactions also expected to include the workforce.

The latest update follows the first-round deadline on October 19 for Enerparc’s multi-GW operational solar portfolio, with binding offers previously expected on November 23.

The portfolio comprises around 140 operational solar parks, with assets located predominantly in Germany as well as Spain, France, Portugal and the Netherlands.

Enerparc and the provisional insolvency administrator are meanwhile continuing negotiations with suppliers and lenders aimed at restarting construction on solar projects where work has been interrupted since the insolvency filing.

The Hamburg Local Court ordered a “strong” provisional insolvency administration on October 26 to provide greater legal certainty around measures including the resumption of work on projects in construction.

Formal insolvency proceedings are therefore expected to open on December 1 2026.

Enerparc entered preliminary insolvency proceedings on September 4 after the collapse of a project-specific financing arrangement for solar and battery storage developments at the end of June.

That financing package is understood to have been worth around EUR 200m and to have been separate from a financing programme of up to EUR 1bn announced by Enerparc earlier in 2026.

Despite the insolvency process, Enerparc retains a substantial renewable energy development and operating platform.

The group has around 5.5 GW of installed capacity, including approximately 3.8 GW connected to the grid, and more than 500 solar parks.

Enerparc also has several dozen solar and hybrid solar-plus-storage projects under-construction as part of an approximately 1.5 GW development pipeline.

The Hamburg-headquartered group employs around 380 people and has activities spanning project development, construction, operations, energy trading, battery storage and substations.

Further portfolio disposals are expected to follow during the first quarter of 2027.

The current sales process is being managed by Rothschild & Co.