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When the Russian military launched its invasion of Ukraine in February 2022, many countries in Central and Eastern Europe (CEE) responded immediately by amending their legal framework to provide shelter for Ukrainian refugees. These neighboring nations not only provided immediate humanitarian help, but also changed their immigration law to allow Ukrainian refugees to work and live in their country.

On February 16, 2023, CEE Legal Matters reported that Dentons had 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. CEELM reached out to Dentons Partner Simon Dayes to learn more about the financing.

The law “On Amending Certain Laws of Ukraine in Connection with the Ratification of the Convention on Choice of Court Agreements” (the “Law”) came into effect on October 15, 2022. In 2021, the Ukrainian Parliament had made this Law a condition for the ratification of the Hague Convention of June 30, 2005 on the Choice of Court Agreements (the “Convention”).

Entrepreneurs in difficulty, who are struggling with the performance of a contract, may benefit from a restructuring procedure. Any restructuring procedure guarantees the protection of executed contracts, with the most effective solution being the reorganization procedure (postępowanie sanacyjne).

Extraordinary circumstances, such as the Covid-19 pandemic or the war in Ukraine, and all that goes with them, including high inflation, which manifests itself in skyrocketing prices for raw materials, other supplies, energy, and labor, prevent contracts from being performed on schedule. Price indexation can effectively restore economic equilibrium for parties to public procurement contracts.

Dentons has advised Romanian state-owned CEC Bank on the establishment of its EUR 600 million medium-term note program and its first two issuances amounting to over EUR 249 million. Clifford Chance advised arrangers Citigroup and Raiffeisen Bank International.

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.

New regulations allowing employers to carry out preventive and ad hoc sobriety checks on employees will come into effect on February 21, 2023. Employers will be allowed to start the checks two weeks after they publish relevant regulations in the workplace.

Recently local authorities have been hit by rising electricity costs. No-one’s surprised nowadays when electricity purchase prices rise by several hundred percent or when tenders are repeatedly cancelled. As a result, local authorities often decide to take radical steps - temporary closures of public facilities, limited street lighting or turning off the illumination of buildings have become standard in some towns and cities. There’s no doubt that a major part of the electricity purchased by local government goes on street lighting systems, which are often inefficient in terms of energy consumption. In many cases, it might be a good idea to have a look at using public-private partnerships as a way to upgrade street lighting systems and cut electricity requirements. It is also worth taking note that developing this model for implementing public tasks in the street lighting sector is explicitly included in the strategic document Polish Energy Policy until 2040 issued by the Ministry of Climate and Environment and setting the framework for the energy transition in Poland.

Roedl & Partner, working with Bird & Bird, has advised Sunfarming on expanding its partnership with Hansainvest through a EUR 50 million mezzanine financing for 231 Polish photovoltaic projects. Dentons, working with Baker Tilly, advised Hansainvest on providing the financing.

Did You Know that, according to the Activity Rankings function of the CEELMDirect website, nine law firms in Central and Eastern Europe got off to an exceptionally strong start in 2023, with five client matters or more reported on by CEE Legal Matters in the first month of the year alone?

Dentons at a Glance

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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