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Zavisin Semiz & Partneri, Dentons, and Karanovic & Partners Advise on Financing and PPA for Krivaca Wind Farm

Zavisin Semiz & Partneri, Dentons, and Karanovic & Partners Advise on Financing and PPA for Krivaca Wind Farm

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Zavisin, Semiz & Partneri and Dentons have advised a banking consortium on their EUR 155 million financing for the 103.3-megawatt Krivaca wind farm project co-owned by Serbia’s MK Group and Slovenia’s ALFI Green Energy Fund. Karanovic & Partners advised the Axpo Group on its market-terms long-term PPA with the Krivaca project company.

The lending consortium consisted of Erste Group Bank, Erste Bank Novi Sad, Raiffeisen Bank International, Raiffeisen Banka Beograd, Nova Ljubljanska Banka, NLB Komercijalna Banka Beograd, and Oesterreichische Entwichklungsbank.

The Krivaca wind farm is being developed by IVICOM Energy Zagubica, a renewable energy project co-owned by the MK Group and the ALFI Green Energy Fund. According to Karanovic & Partners, "they will support the ongoing construction of the 105-megawatt wind farm situated 150 kilometers east of Belgrade, in Krivaca. It will feature 22 turbines, each with a capacity of 4.8 megawatts. As of January 2024, the wind farm is supposed to begin producing enough green power for more than 75,000 households, saving 115,000 [tons in carbon dioxide] emissions annually, and becoming a true milestone for the energy transition in Serbia. It is the first wind farm in Serbia and the Balkans to be financed on the basis of a private power purchase agreement."

According to Dentons, "the first turbines should be delivered in spring 2023, while commissioning is scheduled for the end of 2023."

"The Axpo Group is Switzerland’s largest producer of renewable energy. The company already has a strong presence in the SEE region, with offices in Albania, Bulgaria, Croatia, Greece, Romania, and Serbia, offering services in power and gas supply, energy trading, and green certificates," Karanovic & Partners reported.

The Karanovic & Partners team included Partners Maja Jovancevic Setka and Petar Mitrovic, Senior Associate Katarina Tomic, and Associate Dimitrije Ilic.

Zavisin, Semiz & Partneri's team included Partner Stojan Semiz, Senior Associate Jelisaveta Stanisic, and Associates Tijana Trivunovic and Djordje Ilijasevic.

Dentons' team included Bucharest-based Partner Simon Dayes, Counsel Maria Tomescu, and Associates Cristina Staicu and Alexandra Sofinet, with further team members in Duesseldorf.

Editor's Note: After this article was published, CEE Legal Matters learned that Selih & Partnerji advised the agent – Erste Bank – on the deal. The firm's team included Partners Blaz Ogorevc and Miha Stravs, Senior Associate Lenart Kmetic, and Attorney at Law Lidija Zupancic.

Subsequently, Ulcar & Partnerji confirmed it had advised sponsors MK Group and Alfi Green Energy Fund and borrower Ivicom Energy on the transactions. The firm’s team was led by Managing Partner Matjaz Ulcar.

Doklestic Repic & Gajin reportedly advised turbine supplier and installer Nordex Energy.

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Dentons is the world's largest law firm, connecting talent to the world's challenges and opportunities in more than 75 countries. Dentons' legal and business solutions benefit from deep roots in our communities and award-winning advancements in client service, including Nextlaw, Dentons’ innovation and strategic advisory services. Dentons' polycentric and purpose-driven approach, commitment to inclusion and diversity, and world-class talent challenge the status quo to advance client and community interests in the New Dynamic.

Dentons is one of the leading law firms in CEE/CIS, with offices in Warsaw, Prague, Budapest, Moscow, Bucharest, Bratislava, Kyiv, Baku, Almaty, Astana, Tbilisi and Tashkent. With a legacy of supporting local and international clients in Central and Eastern Europe since the early 1990s, we have the experience and market insight to help clients close deals, resolve disputes and do business in the key markets across the region.

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