Clifford Chance Badea, the Bucharest office of global law firm Clifford Chance, advised RNV Infrastructure SRL, part of the Renovatio Group, on the sale of its entire stake in Spark Terminal SRL – the developer of a standalone battery energy storage system (BESS) project with an installed capacity of 153 MW – to SANY International Industrial Co. PTE LTD (Singapore).
Clifford Chance assigned to the transaction a team of lawyers with in-depth experience in M&A and Energy matters, comprising Nadia Badea (Partner), Loredana Ralea (Partner), Radu Costin (Counsel) and Nicolae Grasu (Senior Associate). The lawyers advised throughout the entire project, including on the drafting, negotiation and signing of the transaction documentation.
Partner Nadia Badea said: “We are honoured to have completed another transaction alongside the Renovatio Group, a leader in the renewable energy sector, with which we share an extensive partnership. Every transaction in which we advise– whether it is an M&A transaction or financing – represents an important milestone in their business vision, and we are happy to have contributed to its advancement.
Battery Energy Storage Systems (BESS) have become a critical component of regional energy infrastructure and security, and this segment continues to attract investors and strategic capital. In this context, our Energy practice has intensified its activity, advising leading investors, developers and financiers on M&A transactions and BESS project development, optimisation contracts and major financings.”
Partner Loredana Ralea added: “We congratulate the Renovatio team, which has once again confirmed its leading position in the development of renewable energy projects aligned with the needs of Romania’s energy sector, as well as with the requirements of major international investors. We thank all parties involved for the professionalism and determination with which they brought this project to a successful conclusion, and we wish them every success in advancing their business strategy.”
Clifford Chance Badea’s clients benefit from the full range of experience and sector-specific know-how of Clifford Chance offices in jurisdictions that are already more advanced in the development of renewable energy projects. The local team advises developers, infrastructure funds, utility companies, and banks throughout the entire development lifecycle of a renewable energy project, including acquisitions or disposals of projects, the signing of EPC, O&M and PPA agreements, optimisation and development contracts, regulatory matters and litigation, as well as financing contracts.
This latest project adds to a strong portfolio of landmark transactions in the renewable energy sector, including:
1. Advising Aukera Energy on securing financing for its first stand-alone battery energy storage system in Romania, with a total capacity of 250 MW / 500 MWh, through two financing agreements: EUR 48.5 million with the International Finance Corporation (IFC), and EUR 60 million with Kommunalkredit Austria AG, respectively;
2. Advising Copenhagen Infrastructure Partners (CIP), a global fund manager and leading investor in energy infrastructure, on reaching financial close on the Pestera II onshore wind farm, in a transaction of approximately EUR 510 million — one of the largest renewable energy financings in Romania and the wider Central and Eastern European region to date. The consortium of local and international commercial banks comprised Erste Bank and Banca Comerciala Romana, Deutsche Bank, Societe Generale and BRD, Eurobank, and Piraeus Bank;
3. Advising the Renovatio Group on the sale of a photovoltaic park in Satu Mare, with an installed capacity of 100 MW and a storage capacity of 99 MW, to the Greek group GEK TERNA;
4. Advising Actis, a global fund investing in sustainable infrastructure, on a joint venture agreement with Mubadala Investment Company, the Abu Dhabi sovereign investment fund, in connection with one of the largest renewable energy projects in the region;
5. Advising Nofar Energy in connection with several renewable energy projects, as part of an investment plan through which the company is targeting a total installed capacity of over 733 MW in Romania;
6. Advising T2Y Capital, a financial investor specialising in growth capital with a focus on the energy sector and adjacent industries, in connection with the strategic partnership entered into with Prime Batteries Energy Holding, through which it became the second-largest shareholder of the Romanian battery producer;
7. Advising the banking syndicate comprising BRD – Groupe Societe Generale SA, Erste Group Bank AG, Raiffeisen Bank S.A., Siemens Bank GmbH, Societe Generale, and UniCredit Bank S.A. on the EUR 348 million financing secured by Greenvolt Power for the construction of a 253.1 MW wind project in Ialomița County, which will be owned by Engie Romania;
8. Advising the banking syndicate comprising eight commercial banks and led by UniCredit Bank, in connection with the EUR 460 million financing arranged by Enery for the development of the Ogrezeni farm, one of the largest hybrid renewable energy projects in Europe;
9. Advising Electro-Alfa International in connection with the public offering of new shares issued as a result of a capital increase (IPO) in the amount of approximately RON 580 million (EUR 115 million);
10. Advising Electrica on the landmark transaction through which the company successfully launched its first green bond issuance on international markets, which was oversubscribed more than 11 times and raised EUR 500 million.
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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 on the market since 2006. The Bucharest office is constantly involved in complex financing, restructuring, Eurobond and share issues on local and international capital markets, derivative financial instruments, acquisitions of companies by strategic investors or private equity funds, infrastructure and motorway 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’ businesses. 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
