Clifford Chance Badea, the Bucharest office of global law firm Clifford Chance, has advised UK-based Nala Renewables Limited in its deal closed in Romania, namely the acquisition from Monsson Group of a ready-to-build photovoltaic park în Caraș Severin, with a total installed power of approximately 61 MWp.
The team coordinated by Nadia Badea, Partner Clifford Chance, and Counsel Loredana Ralea, included Eleonora Udroiu (Of Counsel), Carmen Buzenche (Senior Associate), Lavinia Dinoci (Senior Associate) and Roxana Barboi (lawyer).
Nadia Badea, Coordinator of the Energy Practice in Bucharest, says: “We are delighted to advise Nala Renewables, a major player in the international energy market, in closing this transaction at the local level. Romania thus joins its map of ambitious objectives to develop a global portfolio of renewable energy projects with a cumulative generative capacity of 4 GW, by 2025".
Counsel Loredana Ralea adds: “We thank our clients for placing their trust in us with this project and we hope to complete other projects together. Each transaction is unique in its own way, but success always depends on a few key factors, starting with professionalism, experience and trust established between the parties involved. Our collaboration with the Nala Renewables team, but also with the team from Monsson Group has been exceptional, and we wish them much success with their future projects."
Clifford Chance Badea advised Nala Renewables throughout the entire transaction, providing support on aspects of due diligence, renewable energy-related regulatory aspects as well as advisory for the elaboration and negotiation of the final documentation.
Clifford Chance Badea clients benefit from the entire experience and know-how of the Clifford Chance offices in countries that are more advanced in the development of renewable energy projects. The local team advises developers, infrastructure funds, utility companies and banks throughout the entire project development cycle of a renewable energy project – sell side or buy side M&A, signing of EPC and O&M contracts, Power Purchase Agreements (PPAs), finance and development contracts, regulatory matters including project amendments, or litigation.
The portfolio of recent transactions includes, among others:
- Advising the European Bank for Reconstruction and Development (EBRD) and OTP Bank in relation to the EUR 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;
- 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;
- Advising the Israeli company 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
- 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;
- Advising the arranger banks Citi, Erste, HSBC, JP Morgan and Société Générale in relation to Romania's inaugural green bonds offer due in 2036, which attracted EUR 2 billion. The Clifford Chance lawyers were also involved in the development of Romania's Green Bond Framework by the Ministry of Finance, with technical assistance from the World Bank and external advisory from Citibank and HSBC;
- Advising the arranger banks JP Morgan SE, Citigroup Global Markets Europe AG, ING Bank N.V (which was also the sole sustainability consultant) and BT Capital Partners as co-manager, in the first ESG bonds issue launched by Banca Transilvania, which raised EUR 500 million;
- Advising the Austrian group Enery Power Holding in connection with the acquisition and financing of a photovoltaic park in Sărmașag commune, Sălaj county, with a projected capacity of 50 MW, from the independent electricity supplier Restart Energy One;
- Advising Actis, the global investment fund in sustainable infrastructure in relation to the acquisition from UK-based investment company Low Carbon of the majority interest in two renewable energy projects under development in Romania, with an estimated installed capacity of around 1,000 MW;
- Advising Rezolv Energy, the regional renewable energy platform of global investment fund Actis, in relation to the acquisition of the 1,044 MW solar plant in Arad County from Monsson Group;
- Advising Enel Green Power Romania in the acquisition of a 90 MW solar portfolio from the Greek group Mytilineos;
- Advising the bank syndicate including Banca Comercială Română 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;
- Advising an Israeli investor in energy projects on the due diligence related to the envisaged development of a solar project in Romania with more than 65 MW;
- Advising a developer in the sale of a wind power project with an installed capacity of 150 MW.
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.
For further information about Clifford Chance please access www.cliffordchance.com or www.linkedin.com/company/clifford-chance-llp
