Business Forum • 16 October, 2024 at 12:43 PM
Schoenherr advised Renovatio on the sale of renewable energy production assets with a capacity of approximately 18 MW to OMV Petrom. The projects are operational and include two wind farms located in Eastern Romania, with a total installed capacity of 16 MW, and a micro-hydro power plant, with a capacity of 2 MW, in Northwestern Romania. The estimated cumulative annual production of these assets is approximately 45 GWh.
The transaction was closed in October 2024, coinciding with the completion of the previously announced sale by Renovatio of 50% of the shares of Electrocentrale Borzești, a company owning renewable energy projects with a capacity of approximately 1,000 MW. The wind projects will be developed, built and operated by OMV Petrom in partnership with Renovatio. The photovoltaic project is in production tests.
Schoenherr worked together with Mihaela Aliman Law Office as co-counsel in advising Renovatio in both these transactions.
"We are proud to have worked alongside Renovatio in advancing their commitment to sustainable energy with these transactions," said partner Monica Cojocaru, who led the Schoenherr team advising on the two deals. "By combining Renovatio and OMV Petrom's strengths, the recently completed partnership will accelerate Romania's energy transition."
Renovatio is an infrastructure asset owner, manager and developer in the renewable energy sector. Operating for over 20 years across the entire value chain and lifecycle of renewable projects, the company has accumulated extensive expertise in the development, engineering, procurement and operational management of wind and PV assets and has a strong track record of successful project development (+3,000 MW of wind projects and +800 MW of photovoltaic projects) in Romania and other emerging markets.
OMV Petrom is the largest integrated energy company in Southeast Europe, with an annual group-wide production of crude oil and gas of approximately 43m boe in 2022. The group has a refining capacity of 4.5m tonnes per year and operates an 860 MW high-efficiency power plant. In the retail petroleum products distribution market, the group is present in Romania and neighbouring countries through approximately 780 petrol stations under two brands – OMV and Petrom.
The Schoenherr team advising Renovatio in this transaction was led by Monica Cojocaru (partner) and included Simona Lehniuc (managing attorney at law).