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While rendering day-to-day corporate advice to various clients, we have noticed lately a trend specific to limited liability companies, which involves allowing the directors of the respective companies to delegate all their powers to another individual for certain operations, either via the Articles of Incorporation or by resolution of shareholders.

Dentons has advised CTP on a EUR 200 million financing obtained from Alpha Bank, ING, and BRD Groupe Societe Generale for the development of a Romanian logistics park.

The Court of Justice of the European Union (the “Court of Justice of the EU” or the “Court”) delivered a judgment, on 20 February 2024, in Case C-715/20 (K.L. v X sp. z o.o.), in which it ruled as follows:

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

CMS has advised automotive manufacturing company Ford Otosan Romania on a EUR 435 million financing from a syndicate of banks, arranged by coordinating mandated lead arrangers and bookrunners Societe Generale and BRD Groupe Societe Generale.

On 6 March 2024, the Ministry of Energy received approval from the European Commission (the “Decision“) for the contract-for-difference financing scheme in support of onshore wind and solar PV installations to promote the transition to a zero net-zero economy. On 27 March 2024, a non-confidential version of the Decision was published in the State Aid Register on the Commission’s competition website.

In March the European Commission approved a EUR 3bln (RON 15.22bln) Romanian scheme to support installations producing electricity from onshore wind and solar photovoltaic. The approval relates to an initiative launched for consultations by the Ministry of Energy in August 2023, aimed at implementing a Contracts for Difference (CfD) support mechanism for low-carbon technologies (the "CfD Scheme").

As everybody knows, grid connection is a big challenge, perhaps the biggest challenge, the renewables encounter nowadays in Romania and elsewhere. According to the data available on the Romanian TSO website, over 20 GW of wind and solar projects seem to have obtained grid connection endorsement (Romanian: aviz tehnic de racordare – “ATR”) to the extent the total installed capacity in the country is about 18.5 GW and the consumption does not expect a serious take-off in the foreseeable future. An even bigger capacity might be in the queue to obtain ATR.

While the business landscape is well-acquainted with the established Merger Control regime (MC), characterized by extensive practice and ongoing efforts by the Competition Council to streamline processes, attention must also be directed towards two additional control regimes that have been implemented: the investment control regime and the subsidy control regime.

Romanian Knowledge Partner

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

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