Reed Smith and CMS have advised Helleniq Renewables on its acquisition of a 211-megawatt solar portfolio in Romania from Mytilineos Group's Metka EGN. Volciuc-Ionescu, working with the UK offices of EY Law, advised Metka EGN.
According to Reed Smith, the acquisition included four Romanian entities owing four ready-to-build solar photovoltaic projects with an aggregate capacity of approximately 211 megawatts-peak in southern Romania. "The acquisition of each SPV will be completed, subject to several conditions, the most important being the entry into commercial operation of the respective project it owns."
The first project of 13 megawatts-peak is expected to enter into commercial operation later this year, two projects of 108 megawatts combined capacity in 2024, while the last one of 90 megawatts-peak by the third quarter of 2025. According to CMS, the total annual production of the projects is expected to exceed 300 gigawatt-hours of green energy, enough to meet the needs of 100,000 households.
Helleniq Renewables is the renewables arm of the Helleniq Energy Group, an energy group in Greece and the wider South-East Europe region with activities in oil, petroleum products, petrochemicals, conventional and renewable power production, and power and natural gas trading and supply.
Metka EGN is part of the Mytilineos Group, an industrial and energy group with activities in the metallurgy sector, power plant and battery energy storage unit construction, conventional and renewable power production, and power and natural gas trading and supply.
The Reed Smith team was led by Partner Dimitris Assimakis and included Counsel Minas Kitsilis and Associate Eleni Alexiou.
The CMS team was led by Managing Partner Horea Popescu and Counsel Mircea Moraru and included Senior Associates Edwina Udrescu and Raluca Diaconeasa and Associates Eduard Roventa and Bianca Banateanu.