Clifford Chance Badea advised the bank syndicate including Banca Comerciala Romana S.A. and Erste Group Bank AG in connection with the financing of the acquisition by Austrian group Enery Power Holding of the renewable energy portfolio held by the Canadian company Jade Power Trust.
The deal, including two wind farms in Dobrogea, two solar energy projects and two hydroelectric power plants, marks the Canadian company's exit from Romania, as well as the local presence consolidation of one of the most active players in the region.
The Clifford Chance Badea team including counsel Andreea Sisman, senior associates Madalina Mailat and Gabriel Toma, and lawyer Nicolae Grasu, provided advice throughout the whole project, on issues such as finance structuring, drafting, reviewing, negotiating and support in signing the related documents.
"We are glad to have successfully completed this financing project in Romania's renewable energy field, alongside BCR and Erste, with whom we have built a long-lasting relationship over the years," said Andreea Sisman. "Enery's portfolio consolidation in Romania confirms once more that our country is an essential renewable energy player in Central and Eastern Europe, and we are honoured to bring our experience as contribution to this project."
Nadia Badea, Clifford Chance partner coordinating renewable energy transactions in Romania, adds: "Renewable energy is a real focus at global level today, and this is reflected in Romania's investment dynamics. This transaction was extremely interesting because, on the one hand, we worked once again with two of the largest banks, which are very active in the sector, and on the other hand, we collaborated with a very active company in the region, with whom we are also working in other renewable energy transactions."
Over the years, Clifford Chance Badea has built a solid portfolio of projects in the field of conventional and renewable energy in all practice areas, advising global and regional investment funds, financial institutions or developers in various projects such as financing, bond issues, IPOs or M&A transactions.
The recent portfolio includes, among others:
Fully integrated into the global Clifford Chance network, the local Banking & Finance practice covers all types of finance projects; in addition to traditional banking financing projects, the firm provides support as lead advisor in sovereign or corporate bond issues, non-performing debt restructuring, but also debt portfolios transactions. Deals are often advised by multi-jurisdictional teams that generate an optimal mix of local experience and global know-how. When needed, clients benefit from an integrated practice of English and Romanian law. At the same time, the practice has a significant volume of consulting work for banks and financial institutions in terms of regulatory requirements, compliance programs and good practices.
The recent portfolio includes landmark financing projects such as:
Clifford Chance has been present in Romania since 2006 and operates now as Clifford Chance Badea. The Bucharest office is fully integrated in the global network and is frequently involved in complex transactions such as syndicated loans, project finance, restructurings, Eurobonds and shares issues on international capital markets, derivatives, companies' acquisitions by strategic investors or private equity funds, infrastructure and motorway projects, real estate investments etc., as well as domestic and international litigation and arbitration.