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August 30, 2022Press Releases/Corporate News

Pacifico Renewables Yield AG: Annual general meeting 2022 lays foundation for further growth, strategic expansion, and new brand

  • Shareholders express continued confidence in the management board and supervisory board
  • Extension of corporate purpose enables investments in ready-to-scale green technologies beyond renewables
  • Shareholders support the decision to rename into Tion Renewables
  • Dr. Bettina Mittermeier has taken over the chair of the supervisory board, Victor Moftakhar elected as new ordinary member of the supervisory board
  • New authorized capital and additional possibilities to explore capital solutions beyond the own balance sheet allow flexible growth financing

Gruenwald, August 30, 2022 – Yesterday, Pacifico Renewables Yield AG held its annual general meeting.

The annual general meeting approved a revised corporate purpose, reflecting the recently announced three strategic initiatives. This allows the company to further evolve from a renewables native into the energy transition investment company of tomorrow.

Rebranding to Tion Renewables AG

The annual general meeting also approved a name change, to highlight the company’s extended business model. Pacifico Renewables Yield AG will become Tion Renewables AG ( Pacifico Energy Partners GmbH will retain the previously shared brand as a renewable energy project developer.

Supervisory board further develops along the strategic development

In parallel to the strategic development, the Supervisory Board’s composition is developing further. With Victor Moftakhar, a new ordinary member with a wealth of experience in the investment and fund industry was elected. He replaces David Neuhoff who had already resigned from the chairman position recently with Dr. Bettina Mittermeier taking the position as chairwoman and further resigned from his ordinary seat as of the general meeting. Victor Moftakhar worked in leading positions in the investment industry for more than twenty years, including as chief investment officer and CEO of Deka Investment GmbH and as a board member of the German Nuclear Waste Management Fund. He will play a crucial role in supporting the company in evaluating and implementing new capital solutions as one of three strategic initiatives to expand the company’s strategy.

Dr. Bettina Mittermeier, new Chairwoman of the Supervisory Board:

“I feel honored to have taken over the chair of the supervisory board and I am very happy to welcome Victor Moftakhar into the supervisory board. We are looking forward to further supporting Pacifico’s successful growth story with this new set-up. Victor’s expertise and knowledge of the investment fund industry will significantly support the company in pursuing the recently announced capital solutions. I would also like to take this opportunity to express special thanks to David Neuhoff, who is resigning as of today. As chairman of the supervisory board, he played a key role in shaping the company’s success through his entrepreneurial expertise.”

New authorized capital allows for flexible growth financing

The annual general meeting also resolved to create a new authorized capital 2022 and conditional capital 2022, which enables the company to raise up to 50% of the existing share capital in new shares under each authorization.

The entire annual general meeting was broadcast live on the internet. Shareholders were able to submit questions via the internet, all of which were answered at the meeting. In total, 79.7% of the voting share capital were represented.

About Pacifico Renewables Yield AG

Pacifico Renewables Yield AG is an independent power producer (IPP) evolving into a company investing more broadly into the energy transition space. The company holds a portfolio of operational wind and photovoltaic power plants across Europe and decided to acquire a large stake in the IPP clearvise AG. In the future, Pacifico Renewables Yield AG intends to go beyond renewables and beyond investing only its own balance sheet to open up to the full spectrum of opportunities offered by the rapidly evolving energy transition space and its significantly grown pipeline. The company is listed on the open market of the Dusseldorf Stock Exchange with additional requirements (Primärmarkt) (ISIN: DE000A2YN371).


This announcement may contain certain forward-looking statements, estimates, opinions, and forecasts concerning the future business situation, earnings situation, and results of Pacifico Renewables Yield AG (“forward-looking statements”). Forward-looking statements can be identified by words such as “believe”, “estimate”, “anticipate”, “expect”, “intend”, “will”, or “should” and their negation and similar variations or comparable terminology. Forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current opinions, forecasts and assumptions of the management board of Pacifico Renewables Yield AG and involve significant known and unknown risks and uncertainties, therefore actual results, performance and events may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements contained herein should not be construed as guarantees of future performance or results and are not necessarily reliable indicators of whether or not such results will be achieved. The forward-looking statements contained in this release are only valid on the date of this publication. Pacifico Renewables Yield AG will not update the information, forward-looking statements or conclusions contained in this release in light of subsequent events or circumstances, nor will it reflect subsequent events or circumstances or correct inaccuracies that arise after the date of this release as a result of new information, future developments or otherwise, and the company does not assume any obligation to do so. The company does not assume any responsibility whatsoever that the forward-looking statements or assumptions contained herein will occur.