Clifford Chance Badea has advised Enel Green Power Romania in a transaction that involves the acquisition of two solar farms in South-Eastern Romania from Greek group Mytilineos - a 63MW ready to build solar farm and a 26MW solar farm under development, in line with Enel's business strategy to accelerate transition to renewable energy in Romania.
Mytilineos, through its Renewables and Storage Development (RSD) Business Unit, will undertake the further development and construction of the projects which are planned to achieve commercial operations by the end of 2022 / beginning 2023.
Enel Green Power, a leading developer, long-term owner and operator of renewable energy plants, manages more than 1,200 power plants on five continents and is present with assets in operation or under construction in 21 countries and development activities in a further 6 countries.
The Clifford Chance team advised Enel Green Power Romania on the full suite of the acquisition process, including on the due diligence over the corporate, real estate, permitting, regulatory matters, as well as on the transactional phase which involved Romanian and English law aspects. The team included Loredana Ralea (Counsel), Andrei Caloian and Lavinia Dinoci (Senior Associates) in Bucharest, and Alex Cook (Managing Partner) in Prague. The Enel in-house lawyers that worked for the project were Traian Gabriel Constantin, Adina Marcela Stoica and Dariana Sabrina Ilea.
Loredana Ralea said: "Transactions in the energy industry are particularly complex requiring deep industry knowledge and a good understanding of the regulatory requirements. We are pleased to have been entrusted by Enel Green Power Romania to assist on this project. Our expertise and commitment combined with the excellent collaboration with the Enel team proved very important in getting this transaction signed in quite a short period of time."
Partner Nadia Badea, coordinator of the M&A Practice of the Bucharest office, added: "We are thrilled for supporting Enel Green Power on this transaction with Mytilineos. Clifford Chance has a long-standing global relationship with Enel Group, the firm advised Enel on many of their multijurisdictional projects, including Romania."
This transaction builds on Clifford Chance Badea's market-leading sector expertise in renewable energy. The team has advised and continues to act on several acquisitions or development projects (both M&A and financings) involving mid and large-size renewable projects in Romania, committed to work side-by-side with investors and companies on transactions that will lead to a more sustainable future.
The most recent Energy and M&A portfolio includes, among others, complex local and international transactions, such as advising: