A multijurisdictional Clifford Chance team coordinated by the Bucharest office has advised the lender consortium comprising the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD) and Banca Comercială Română (BCR) in the successful closing of a financing for the landmark Dobrun-Sadova Solar renewable energy project in Romania.
The Project is being developed as a collaboration between Oslo-based Scatec, a leading renewable energy solutions provider making its first investments in Romania, and Istanbul-based DEFIC Globe Enerji, a regional leader in the development of renewable energy projects.
The utility scale renewable energy development involves the construction, operation and maintenance of three photovoltaic solar parks with a total installed capacity of 189.7 MWp in Romania. The Project benefits of CfD-based revenues from two contracts concluded with the Romanian CfD Counterparty.
The Project promotes Romania’s transition toward clean energy, adding significant new solar generation capacity and contributing to national and EU decarbonisation objectives.
The closing marks a significant milestone for Romania’s renewable energy sector and reinforces the role of Scatec and DEFIC Globe as key sponsors advancing the region’s solar generation footprint.
The Clifford Chance cross-border team advising the banks on the financing and due diligence aspects of the transaction was led by a core team comprising Partners Andreea Sisman and Anna Thwaites, Counsel Gabriel Toma, Senior Associate Adelina Seserman, Senior Associate Carmen Buzenche, Senior Associate Diana Borcean, Lawyer Georgiana Cupas and Associate Jeffrey Arthur.
Partner Andreea Sisman said: “We were delighted to work alongside the teams of EIB, EBRD and BCR - three high-profile financial institutions we often join forces with in landmark Renewable Energy transactions. It was also a great opportunity to work with Scatec on their first investment in Romania’s thriving market, an investment that benefits from their global experience, professionalism and commitment to the energy transition.”
Partner Anna Thwaites adds: "We are proud to have advised EIB, EBRD and BCR on this strategic financing deal, which will contribute to the successful development of Scatec’s first and DEFIC Globe's most recent renewable energy project in Romania. This step reflects the deep commitment of the lending consortium to the Romanian renewable energy market and builds on our earlier work advising lenders and sponsors to deliver new green generation capacity for the region. We congratulate all parties involved."
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About Clifford Chance Badea
Clifford Chance Badea is the local office of global law firm Clifford Chance LLP, which has been present in Romania since 2006. The Bucharest office is constantly involved in complex transactions of syndicated loans, project finance, restructurings, Eurobonds and shares issues on international capital markets, derivative financial instruments, acquisitions by strategic investors or private equity funds, infrastructure and highway projects, real estate investments, as well as domestic and international litigation and arbitration.
About Clifford Chance
Clifford Chance is a global law firm committed to creating advantage for its clients. The firm combines legal and commercial intelligence to grow, transform, protect and defend its clients’ business. Operating as a single, fully integrated global partnership, Clifford Chance provides forward-thinking insights and tech-enabled solutions in the sectors and markets that matter most to its clients. The firm’s culture of collaboration and commitment to rigorous and ethical standards, ensures consistent, high-quality service worldwide.
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