Contributed by Filip & Company

Recognizing the pressing need to rectify certain conflicting provisions within the existing legal framework applicable to the permitting process of renewable energy projects (as previously reported in the Wolf Theiss Client Alert dated January 12th, 2023 available here), Romanian lawmakers have been working since the start of 2023 to introduce legislative amendments to Urbanism Law 350/2001 and Construction Law 50/1991.

The Romanian FDI regime has formally shifted to a stricter approach, with EU (including Romanian) investors now being specifically covered. We refer to Law No. 164/2023 (the "FDI Law") aimed at implementing and amending Emergency Government Ordinance No. 46/2022 ("EGO 46"), which was published in the Official Gazette of Romania on 7 June 2023.

On June 6, 2023, Buzescu Ca announced that Danfoss' absorption of Sondex Holding's Romanian operations and subsidiaries (reported by CEE Legal Matters on February 14, 2019) had closed.

Dentons has advised London-based venture capital fund Dawn Capital on leading the USD 35 million Series A round for Flowx.AI joined by Day One Capital, PortfoLion, and SeedBlink.

Romania's National Recovery and Resilience Plan (PNRR), designed to ensure an optimal balance between EU priorities and Romania's development needs, provides significant opportunities for the private sector to benefit from financing to build and/or consolidate infrastructure capacity.

Following two (2) years of uncertainty, at the behest of the Romanian Government, the Ministry for Finance published the draft Government Decision for the approval of procedures for the authorisation and/or registration of providers engaged in exchange services between virtual currencies and fiat currencies, as well as custodian wallet providers, on 12 May 2023. The Decision also included procedures for granting and withdrawing technical endorsements (the "Draft Decision").

Stratulat Albulescu has advised the Walden Group on its acquisition of Alex International Transport 94 from Alexandru Constantinescu. Tuca Zbarcea & Asociatii advised the seller.

Contributed by Popescu & Asociatii.

RTPR has advised private equity fund Innova Capital on its acquisition of a majority stake in payment services provider Netopia. The Ana Maria Andronic Law Office reportedly advised Netopia.

Former Chitea Marilena-Diana Law Office Partner Diana Chitea has joined Simion & Baciu in Bucharest as a Managing Associate in the firm's Dispute Resolution practice.

Wolf Theiss has advised Banca Comerciala Romana on its EUR 700 million issuance of fixed to floating senior non-preferred green eurobonds due 2027, under a multi-issuer EMTN program.

Deloitte Legal Lithuania and Popovici Nitu Stoica & Asociatii have advised Bico Industries on its EUR 3.2 million full acquisition of Iranga Technologijos. Triniti Jurex reportedly advised the sellers.

Wolf Theiss has advised DTEK Renewables International on the staggered share deal acquisition of a 49.38-megawatt photovoltaic power plant from Finas Invest.

Norton Rose Fulbright, Ionescu Sava, and Integrites have advised the EBRD on its EUR 42 million senior secured loan for Cersanit to improve its production facilities in Poland and Ukraine.

Norton Rose Fulbright and Stratulat Albulescu have advised the European Investment Bank on a EUR 104 million financing granted to the Maspex Group.

Suciu Popa has advised Econergy International on its acquisition of an 80-megawatt renewable energy project in Romania.

Irimie-Pop-Andrei has advised European software development company RebelDot on its acquisition of Steepsoft.