Glodeanu & Partners Assisted ReneSola Energy in the Sale of 2 Solar Parks in Romania
Glodeanu & Partners provided legal assistance to ReneSola Energy in relation to the sale of its two solar parks held in Romania, with a combined capacity of 15.4 MW, to Alternus Energy. The transaction is expected to close in Q1 of 2021.
The two ground-mounted solar projects include a 9.4 MW solar park located in the municipality of Costestii din Vale in Dambovita county and a 6 MW solar park located in the municipality of Dumbrava in Prahova county. The 9.4 MW plant is operated by Ecosfer Energy SRL, and the 6 MW plant is operated by Lucas Est SRL. Both Ecosfer Energy and Lucas Est SRL are special purpose vehicles (“SPVs”) that have been set up for the purpose of managing the construction and operation of the solar plants and the production of electricity.
Alternus Energy expects to acquire the project-based SPVs associated with the 15.4 MW operating assets, which are owned by Luxemburg-domiciled Renesola New Energy S.A.R.L, ReneSola Power’s subsidiary that holds the Company’s projects in Romania. Alternus Energy’s acquisition of those two projects will be funded by the proceeds from the senior secured green bond and equity that it has recently issued.
Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, commented, “We are excited to partner with Alternus Energy, and look forward to future collaboration. The proceeds from the sale of the operating assets will enable us to generate strong cash flow, realize profits and further strengthen our financial position. We have a strong pipeline of project activity. We look forward to pursuing other opportunities to develop, build and monetize solar projects globally, and believe our strategy resonates well with the development trend of solar energy.”
Mr. Vincent Browne, Chief Executive Officer of Alternus Energy Group, commented, “The acquisition of these projects from Renesola Power will increase our existing presence in Romania where we have operated for over 6 years now. These solar parks form part of our immediate 109 MW expansion across Romania, Italy and Poland, bringing our total operating portfolio to nearly 140 MW with an additional 1GW of projects in identified pipeline today. This also marks our first transaction with the Renesola Power team, and we look forward to many more successful acquisitions from the team as they complete their current and future pipelines.”
Mihaela Ciocirlea, Partner, Glodeanu & Partners, coordinated the team of lawyers which assisted ReneSola Energy on all legal aspects of this transaction, pertaining to the legal and technical aspects related to the due diligence conducted by the buyer as well as the drafting, negotiation, and execution of the transaction documents, including documentation regarding the financings in place for the development of these solar parks.
“We are glad and honoured to have assisted ReneSola Energy on this deal and we would like to thank them for their trust. The transaction required a sustained effort from our team and a close, efficient, and professional collaboration with the client’s and the buyer’s teams. The successful execution of this deal will surely send another positive message on the market and we will see other interesting transactions in 2021, including among the ones that we are currently working on,” Mihaela Ciocirlea, Corporate M&A Partner, Glodeanu & Partners stated.
“We are delighted to advise ReneSola Energy on the sale of these two projects in Romania. There were excellent teams of professionals on both sides, which created the grounds of a smooth transaction. A circle was thus closed since I assisted ReneSola during the acquisition of the projects’ rights back in 2012 and during the construction and commissioning of the projects. The Romanian renewable energy sector keeps on growing strongly and I am confident many energy transactions will be closed in 2021,” also added Ciprian Glodeanu, Co-Managing Partner, Glodeanu & Partners.
Glodeanu & Partners LLc is a boutique law firm, highly specialized in energy/real estate/infrastructure matters, founded by Ciprian Glodeanu and Cezar Gusu.
ReneSola is one of the solar industry’s global leaders, founded in 2005 and listed on the New York Stock Exchange in 2008, entering Romania in 2012.
