In July 2022, we acquired a 21.9% stake for €2.16 per clearvise share against issuing new shares of our Company. The acquisition was a strategic decision as the significantly elevated electricity prices at that time were not fully reflected in the share price of clearvise.

In addition, there's additional strategic potential by joining forces and combining our portfolios. We are currently working on contributing our European utility-scale solar and wind portfolio into clearvise against additional shares and cash. In completing this second step of joining forces with clearvise, we would create the second largest German listed IPP in clearvise and thereby become the Group’s anchor shareholder. Joining forces with clearvise is strategically a very important measure for us allowing both companies to benefit from a larger combined portfolio and pipeline.

In the long-term, clearvise would own and operate solar and wind projects secured through our 5 GW pipeline whilst Tion would focus on other scalable technologies such as battery storage. Thereby, these steps facilitate our evolution from a renewables native into the energy transition investment company of tomorrow and making use of the full spectrum of opportunities offered within the energy transition space.