The acquisition was completed after the fulfillment of the usual preconditions for such transactions provided for in the previously signed agreement, it is mentioned in a press release from PPC.

"Following the announcement dated 24.07.2023, PPC SA (PPC) announces that it has completed, through its subsidiary PPC Renewables SA (PPC Renewables) and after meeting the usual preconditions for such transactions provided for in the previously signed agreement, the acquisition from the European subsidiaries of the Lukoil Group, of a 100% stake in Land Power SRL, which operates a wind farm in Romania with a total installed capacity of 84 MW", the press release states.

The wind farm is located in the Dorobantu and Topolog localities, in a region in Romania with the best wind conditions and generates more than 200 GWh of electricity per year.

PPC Renewables is a wholly owned subsidiary of the Greek-based Public Power Corporation SA (PPC). PPC is a leading generator and supplier of electricity in Greece and Romania, servicing 8.7 million customers in total and providing them with more than 35TWh of energy. PPC is now the largest clean energy company in Southeast Europe with 4.5 GW production capacity from renewables and 1.9 GW under construction and a project pipeline of 18 GW.

CMS advised PPC Renewables on due diligence, structuring of the transaction, drafting, and negotiating the transfer documents, as well as on the signing and closing.

Horea Popescu, managing partner of CMS Romania and Head of CEE Corporate M&A, said: “The investment represents an important step towards achieving PPC's bold green energy production plans in Romania. The CMS team has been working hard to support PPC on this project, which not only reinforces our position as a leading advisor in the renewables sector but also reflects our broader objectives to contribute positively to the global shift towards green energy solutions.”