Schoenherr has advised ContourGlobal erneuerbare Energie Europa GmbH ("ContourGlobal"), a subsidiary of the US entity ContourGlobal L.P., on the sale of its solar energy business in the Czech Republic to China Central and Eastern Europe Investment Co-operation Fund SCS SICAV-SIF (the "China-CEE Fund") via CEE Equity Partners Ltd. Dentons advised CEE Equity Partners on the deal.
The deal was structured as a share deal with the China-CEE Fund acquiring three solar power plants with a total capacity of 6.0 MWp in the Czech Republic. The closing of the transaction took place in November, and financial terms were not disclosed.
ContourGlobal L.P. is a power-generation company with approximately 4,200 MW in operations in 20 countries on three continents. The company’s 2000 employees operate a portfolio of 61 thermal and renewable power plants utilizing a wide-range of technologies.
"The transaction illustrates the growing influx of Chinese investment into the renewable energy sector and is a positive sign for solar energy business in general," said Schoenherr Czech partner Vladimir Cizek, who advised ContourGlobal on the transaction.
Polish-based CEE Equity Partners Ltd is the investment advisor to the China-CEE Fund with committed funds of USD 435 million. The China-CEE Fund was established by China Exim Bank in partnership with other institutional investors from the CEE region, to identify and partner with dynamic businesses. A more thorough consideration of CEE Equity Partners can be found here.