EUR 214.45mn Financing for Enery Power Holding’s Renewable Energy and Batteries Portfolio in Romania

The Project Finance team within Clifford Chance Badea’s Energy and Renewable Energy practice advised the banking syndicate including UniCredit Bank, Banca Comerciala Romana (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.

The team of lawyers coordinated by Counsel Andreea Sisman and including Adelina Seserman (Associate), Alexandru Achim and Georgiana Cupas (lawyers) has advised throughout the entire process, including on aspects regarding financial structuring, regulatory, due diligence, as well as drafting and negotiation of financing documents.

“At the end of a very intense year for our Project Finance team, we add a new representative financing for the renewable energy industry. We were happy to once again work with our colleagues from UniCredit Bank, Erste and BCR, with whom we have a long collaborative relationship, and also with the Enery team, with whom we have worked on several transactions that consolidated the company’s position on the Romanian market,” Counsel Andreea Sisman said.

Two years ago, a team coordinated by Andreea Sisman advised BCR and Erste Group Bank in connection with the financing agreement for the takeover of the Romanian renewable energy portfolio of the Canadian company Jade Power Trust by Enery Power Holding.

In the first part of this year, Clifford Chance Badea advised the Austrian group in connection with the acquisition and financing of the photovoltaic park in Sarmasag commune, Salaj County, with a projected capacity of 50 MW, from the independent electricity supplier Restart Energy One.

The recently agreed financing with the three banking institutions will support Enery Power Holding’s plans for the development and consolidation of its renewable energy projects in Romania.

“We are going through a very dynamic period in the renewable energy industry, at all levels. This financing agreement adds to our record portfolio of renewable energy projects we have worked on in 2024 and confirms what we have already announced – the financing activity in this industry will intensify over the coming period to support increasingly ambitious and sophisticated projects carried out by the investors present in Romania,” Nadia Badea, Partner and coordinator of the Energy M&A practice, added.

The Clifford Chance Badea lawyers advise developers, infrastructure funds, utility companies and banks on sell side or buy side M&A, financing, signing of EPC and O&M contracts, PPAs (Power Purchase Agreements), development contracts, regulatory aspects including project modifications, advice on the newly launched CfD scheme or representation in major litigation cases.

This year’s portfolio has reached a record cumulative capacity of approximately 5 GW of renewable projects in various development stages, as the law firm works with the largest and most active energy investors across all areas – from acquisitions to development projects, PPAs or financing.

The public Renewable Energy public transactions in 2024 include:

1. 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 60 MW capacity.
2. 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 629MW RES in operation and about 145MW in pipeline assets.
3. 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.
4. Advising Nofar Energy Romania, one of the most dynamic renewable energy investors in Romania, 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.
5. 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.
6. 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.
7. Advising Nofar Energy Romania in the signing of a term loan facility agreement and a VAT facility agreement totaling EUR 122 million with the European Bank for Reconstruction and Development (EBRD) and Raiffeisen International, acting as lenders.
8. 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.
9. Advising Nofar Energy Romania, 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.
10. Advising Erste Group Bank AG and BCR on financing the development of a 99.2 MW onshore wind project acquired by Nala Renewables from OX2. The deal includes a long-term power purchase agreement with a multinational corporate offtaker.
11. 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.

 

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.