Business Forum • 8 August, 2024 at 11:51 AM
Deloitte Romania assisted the Turkish energy company Entek Elektrik Üretimi A.Ş., primarily engaged in the green energy sector, in acquiring Romanian companies. These include Eco Sun Niculesti S.R.L., which owns permits, some of which are in the application process, for a 214.26 MWdc solar power plant under development, and Euromec-Ciocanari S.R.L., the landowner of the project site, from Econergy International Limited.
Entek focuses on investing in new generation energy technologies, as well as renewable energy sources, and is 99.23% subsidiary of the Turkish energy company Tüpras, Türkiye Petrol Rafinerileri A.Ş. Tüpraş is Türkiye's largest industrial enterprise and Europe's seventh largest refiner, producing various fuel products.
The acquisition marks Entek's entry into the Romanian energy market, with a transaction value of approximately €32.9 million, subject to closing adjustments. The documents were signed in June of this year and are subject to approval from the regulatory bodies and several conditions, including obtaining project permits for construction readiness. The transaction is expected to close by January 31, 2025.
A team of tax advisors from Deloitte Romania assisted Entek with tax due diligence and transaction support services, specifically in finalizing the sale-purchase agreement. This team included Dan Badin, Partner, Ana Petrescu-Mujdei, Senior Manager, Ana Bica, Senior Consultant, and Bianca Husariu, Consultant.
“We welcome Entek Elektrik's entry into the Romanian renewable energy market, which will contribute to the growth of the solar energy sector and confirms our country's potential to become a significant regional player in green energy. We are proud to have leveraged the extensive expertise of our tax advisors, specializing in the energy field, to contribute to the success of this transaction. We are grateful to Entek, our longstanding client, for entrusting us as their trusted tax advisor,” said Dan Badin, Tax Partner, Deloitte Romania.
Entek, operational since 1995, engages in various segments of the energy industry, including electricity production with 11 power plants located across seven cities in Türkiye, electricity trading and solutions for solar energy investments. The group's portfolio now predominantly comprises renewable energy, accounting for approximately 80%.
Eco Sun Niculesti, established in 2021, will develop a 214.26 MWdc photovoltaic park in Romania. The landowner, Euromec-Ciocanari, was established in 1995.