ABO Wind Secures Crucial Bondholder Approval for Restructuring

In a decisive move for its financial recovery, ABO Wind AG has successfully obtained bondholder consent for the core elements of its corporate bond restructuring. The vote, which saw over 99% approval from creditors, removes a significant obstacle that had previously stalled the company’s stabilization efforts after an initial attempt failed due to insufficient participation.

Overcoming the Initial Hurdle

The path to this approval was not straightforward. A prior vote on the same proposals, while receiving majority support from those who participated, fell short because the turnout failed to meet a required 50% quorum, reaching only 38%. The latest meeting, however, was governed by a reduced quorum threshold of 25%, a condition that was successfully met, allowing the binding resolutions to pass.

The approved measures carry substantial operational implications for the renewable energy developer. Key changes include the removal of a negative pledge clause within the bond terms. This modification grants ABO Wind greater flexibility to provide guarantees necessary for participating in tariff auctions. Furthermore, bondholders have waived any termination rights linked to the ongoing restructuring process, a waiver applied retroactively to cover any notices already issued. Creditors also appointed legal representative Markus W. Kienle, a member of the board at the German shareholder association Schutzgemeinschaft der Kapitalanleger (SdK), as their common representative.

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Operational Gains Amid Financial Strain

The urgent need for this financial overhaul is underscored by severe challenges. Management now anticipates an annual net loss of approximately €170 million for 2025, a stark revision from a €95 million loss forecast issued in November 2025. A confluence of factors drove this deterioration, including oversubscribed wind auctions in Germany that depressed feed-in tariffs, necessitating €35 million in value adjustments. The company also faced project setbacks in Spain, Finland, Greece, and Hungary. Reflecting this turmoil, ABO Wind’s share price has collapsed by more than 90% from its yearly high of €45.20 to a February low of €4.25. The 2024/2029 bond is currently trading at roughly 16% of its face value.

Despite these financial headwinds, ABO Wind continues to report progress in its core business operations. In the most recent auction held by the German Federal Network Agency (Bundesnetzagentur), the company secured contracts for three solar parks with a combined capacity of 50 megawatts in the states of Hesse, Rhineland-Palatinate, and North Rhine-Westphalia. This result means ABO Wind has now been successful in all three solar tenders held in 2025, winning bids for a total of around 107 megawatts. Construction on these latest projects is scheduled to commence in autumn 2026.

The executive board is steering the company through a strategic transformation into an Independent Power Producer (IPP) and targets a return to profitability as early as 2026. The definitive picture of the company’s turnaround progress will emerge with the publication of the 2025 annual report on June 22, 2026. The subsequent annual general meeting is set for August 13, 2026.