DLA Piper has advised the Phoenix group on its joint venture with Econergy resulting in a EUR 150 million investment by the Phoenix group in renewable energy projects in Romania and Poland. Vlasceanu & Partners advised Econergy.
According to DLA Piper, "the investment will be made by Phoenix as part of the JV with Econergy in each SPV owning and operating a PV project." The first investment by the Phoenix group pursuant to the joint venture was completed recently in a photovoltaic project operated by Econergy in Oradea, which, according to the firm, has an installed capacity of approximately 83 megawatts.
The Phoenix group is the largest insurance company in Israel and operates globally. According to DLA Piper, the project is in line with the Phoenix group’s strategy of supporting the development, construction, and maintenance of renewable energy projects. Econergy is a Tel Aviv Stock Exchange-listed solar photovoltaic, wind, and storage project developer.
"We are thankful for having the opportunity to assist the Phoenix group in this challenging transaction," DLA Piper Partner and Head of Energy Paula Corban-Pelin commented. "The specificity of these kinds of transactions requires extensive skills and experience, and our cross-practice team is perfectly positioned to assist our clients. I am also grateful for the support we received from the Phoenix group’s team throughout the project."
Back in 2022, DLA Piper and (then) Vlasceanu Nyerges & Partners had also advised on PNE Group's sale of an 81-megawatt solar project to Econergy (as reported by CEE Legal Matters on March 25, 2022).
The DLA Piper team was led by Corban-Pelin and included Senior Associates Bogdan Buta and Georgiana Stan.
The Vlasceanu & Partners team was led by Partner Loredana Vlasceanu and included Partner Raluca Spinu, Senior Associate Mihaela Farin, and Associate Vlad Velcea.