Clifford Chance Badea, the local office of global law firm Clifford Chance, advised Nofar Energy in relation to the sale of its 50% stake and shareholder loans in Ratesti Solar SRL to project partner Econergy International Limited, a deal that further strengthens the law firm’s partnership with one of the most dynamic renewable energy investors in Romania.
The EUR 45.6 million Euro deal is subject to regulatory approvals.
The Ratesti solar plant currently has a capacity to produce 155MW of electric power, and Econergy is planning to further invest and expand it with energy storage facilities.
The Clifford Chance legal team including Partners Nadia Badea and Loredana Ralea, Counsels Radu Costin and Eleonora Udroiu, and Senior Associate Diana Borcean advised Nofar Energy throughout the entire sale process, starting with the drafting of the transaction documentation, negotiation and signing, as well as providing guidance in respect with the relevant regulatory aspects.
The Nofar Energy in-house team was coordinated by Favi Stelian (CEO Nofar Energy Romania), Ayana Wechsler (VP Global Operations), Alex Greenberg (Senior Legal Counsel), and Roxana Gherghe (CFO).
Partner Nadia Badea said: “Nofar Energy is a leading investor in Renewable energy, with whom we have developed a strong partnership in recent years. We value our relationship and will continue to support their strategically important projects, through our global expertise mixed with in-depth, local knowhow.”
Partner Loredana Ralea added: “We are thrilled that our continued successful relationship with Nofar Energy is further demonstrated through this latest transaction. We extend our congratulations to both Nofar and Econergy for bringing this deal to a successful signing.”
Clifford Chance Badea and Nofar Energy have collaborated on several landmark renewable energy projects in Romania, as part of the investor’s plan aiming at a total installed capacity exceeding 650 MW, on matters including corporate M&A, Engineering, Procurement and Construction (EPC) and Operation and Management (O&M) contracts, finance as well as regulatory aspects.
This April, a multijurisdictional team of Clifford Chance lawyers coordinated by the Bucharest office advised Nofar Energy in the signing of an EPC turnkey and O&M contract for a 265 MW photovoltaic power plant in Corbii Mari, Dambovița County. This was the fourth EPC and O&M project that Clifford Chance Badea advised on for Nofar Energy.
Last August, the law firm advised Nofar Energy 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.
Separately, a team coordinated by Partner Madalina Rachieru-Postolache and Counsel Oana Ionascu advised Nofar Energy, through its Romanian entities Solis Imperium and RTG Solar Energy, in the signing of a term loan facility agreement and a VAT facility agreement totalling EUR 122 million with the European Bank for Reconstruction and Development (EBRD) and Raiffeisen International, acting as lenders.
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), Project Finance, development contracts, regulatory matters including project amendments, or litigation.
Its portfolio of public deals recently announced includes:
1. Advising T2Y Capital, a financial investor specializing in growth capital with a focus on the energy sector and adjacent industries, in relation to its strategic partnership with Prime Batteries Energy Holding, an investment making it the second-largest shareholder of the Romanian battery producer;
2. Advising lenders UniCredit Bank SA and Garanti BBVA, and UniCredit SpA as Facility Agent and Sustainability Agent, in the signing of a financing agreement for a package of non-recourse loans of up to EUR 60 million equivalent (approx. EUR 56 million and RON 22 million VAT facility) with DRI as borrower;
3. Advising Banca Comerciala Romana (BCR) in the signing of an EUR 18.5 million financing agreement for the development of a 34.69 MW solar park in Calarasi County by a company owned by Italian group Alerion Clean Power;
4. Advising PPC Group in the closing of its EUR 700 million deal with Evryo Group, owned by Macquarie Asset Management, to acquire their renewable energy portfolio in Romania, including 629 MW RES in operation and about 145 MW in pipeline assets;
5. Advising the banking syndicate including UniCredit Bank, BCR and Erste Group Bank in the signing of the EUR 214.45 million financing agreement with Austrian group Enery Power Holding for its entire Romanian portfolio of renewable energy projects and batteries;
6. Advising Erste Group Bank and BCR in the financing of the successfully completed EUR 214 million transaction, through which Nala Renewables took over a 99.2 MW onshore wind project from OX2. The deal includes a long-term power purchase agreement with a multinational corporate offtaker;
7. Advising energy infrastructure investment fund Eiffel Investment Group, co-lender alongside EBRD, in the EUR 24.4 million facility signed with INVL Asset Management for the construction of two solar power plants in Dolj County, with a combined capacity of 60 MW;
8. 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;
9. 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 Caras-Severin, with a total installed power of approximately 64 MW;
10. 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;
11. 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;
12. 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.
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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.
For further information about Clifford Chance please access www.cliffordchance.com or www.linkedin.com/company/clifford-chance-llp
