Business Forum • 22 November, 2024 at 9:51 AM
Clifford Chance Badea strengthened its Energy and Renewable Energy practice throughout 2024, advising on a record number of renewable energy projects of approximately 5 GW, in various stages of development. The lawyers worked on the largest M&A, financing and development transactions currently under development in Romania.
The most recent project, successfully announced, was advising PPC Group in its EUR 700 million-acquisition of the Romanian renewable energy portfolio of Evryo Group, owned by Macquarie Asset Management.
The deal, including 629MW RES in operation and about 145MW in pipeline assets, was advised by a multi-jurisdictional Clifford Chance team coordinated by Partner Nadia Badea and Counsel Loredana Ralea (Bucharest) and Partner Alex Cook (Munich). The team included Radu Costin (Senior Associate), Lavinia Dinoci (Senior Associate), Carmen Buzenche (Senior Associate), Diana Borcean (Senior Associate), Ecaterina Burlacu (Senior Associate), Eleonora Udroiu (Of-Counsel), Nicolae Grasu (Associate), Roxana Bărboi (Associate), and Filip Marinău (Associate).
The PPC Group in-house legal team was coordinated by Asimina Bistola (Director of Renewable Legal Department PPCR SA), Alina Dumitrașcu (Head of Legal and Corporate Affairs Romania), Octavian Trifan (Head of Legal Renewables Romania), and Sabrina Mironescu-Ilea (Legal Counsel).
Nadia Badea, Partner and Head of the M&A Energy Practice in Bucharest, says: “We have a very good working relationship with PPC Group, with whom we are currently working on several energy and renewable energy projects, and I congratulate them on this strategic transaction. 2024 has been an extremely busy year for us. We are working with the largest and most active energy investors on a record portfolio of approximately 5 GW of renewable projects, across all areas - from acquisition, to development, PPAs and financing. We have ongoing projects with new investors and financiers that we hope to announce next year. I think 2025 will bring even greater effervescence on the financing and construction side as well, as the development of renewable energy projects moves forward.”
Loredana Ralea, Counsel with the Energy Practice, adds: “The scale of the PPC – Macquarie transaction confirms that Romania is an important market for renewable energy investors with a long-term investment outlook. We are glad that we assisted PPC in this transaction and that we were able to contribute, through a team experienced in managing complex projects, to the successful closing of one of the most important deals on the Romanian market this year.”
The Bucharest office lawyers advise developers, infrastructure funds, utility companies and banks on sell side or buy side M&A, financing, signing of EPC and O&M contracts, PPAs (Power Purchase Agreements), development contracts, regulatory aspects including project modifications, advice on the newly launched CfD scheme or representation in major litigation cases.
The portfolio of Renewable Energy transactions in 2024 includes:
1. Advising energy infrastructure investment fund Eiffel Investment Group, co-lender alongside EBRD, in the €24.4 million facility signed with INVL Asset Management for the construction of two solar power plants in Dolj County, with a combined 60 MW capacity;
2. Advising PPC Group in the closing of its €700 million deal with Evryo Group, owned by Macquarie Asset Management, to acquire their renewable energy portfolio in Romania, including 629MW RES in operation and about 145MW in pipeline assets;
3. Advising Premier Energy, one of the largest renewable energy players in Romania and the Republic of Moldova, in relation to the Initial Public Offering and listing on the Bucharest Stock Exchange amounting to approximately RON 700 million;
4. Advising Nofar Energy România, one of the most dynamic renewable energy investors in Romania, in the signing of the acquisition agreement for 100% shares in Aviv Renewable Investment, the project company developing a 160 MW photovoltaic park in Giurgiu County;
5. Advising Nala Renewables Limited, a global power and renewable energy investment platform and independent power producer, in its acquisition from Monsson Group of a ready-to-build photovoltaic park in Caraș Severin, with a total installed power of approximately 64 MW;
6. Advising the European Bank for Reconstruction and Development (EBRD) and OTP Bank in relation to the €93 million financing agreement for the construction and operation of the Urleasca Wind Farm (Braila) by Urleasca Wind Farm SRL, the project company equally co-owned by BIG Shopping Centers ltd and MEGA OR ltd;
7. Advising Nofar Energy România in the signing of a term loan facility agreement and a VAT facility agreement totaling €122 million with the European Bank for Reconstruction and Development (EBRD) and Raiffeisen International, acting as lenders;
8. Advising Greek-based Motor Oil Renewable Energy Single Member S.A. (MORE) in the 86-MW deal marking its entry on the Romanian renewable energy market. MORE alongside Premier Energy Group, through Alive Renewable Holding Limited, has acquired its first two new photovoltaic projects, in Buzau County;
9. Advising Nofar Energy România, a leader in renewable energy, in the signing of contracts for EPC, O&M and supply of solar energy production equipment for renewable energy projects in Romania with a total installed capacity of 643 MW;
10. Advising Erste Group Bank AG and BCR on financing the development of a 99.2 MW onshore wind project acquired by Nala Renewables from OX2. The deal includes a long-term power purchase agreement with a multinational corporate offtaker;
11. Representing Premier Energy in a high-stakes dispute against Azomures, part of the Swiss group Ameropa. In October 2024, the lawyers obtained an important victory in the court of first instance in favour of Premier Energy.