Green Forum • 16 April, 2024 at 8:00 AM
CMS provided counsel to PPC on a groundbreaking collaboration pact with Mytilineos Energy & Metals, marking a significant stride in the development of a solar portfolio spanning four nations, totaling up to 2 gigawatts (GW).
The esteemed international law firm, CMS, guided its longstanding client, Public Power Corporation SA (PPC), in negotiating a strategic Cooperation Framework Agreement (CFA) aimed at the establishment and construction of nearly 90 solar ventures across Romania, Italy, Bulgaria, and Croatia. The transaction, valued at potentially €2 billion, is slated for execution over the coming three years.
These 90 solar endeavours, totalling 2000MW, are under the ownership of Mytilineos Energy & Metals, distributed across Romania (516 MW), Italy (503 MW), Bulgaria (500 MW), and Croatia (445 MW), each at varying stages of development.
Under the terms of this accord, PPC Group is set to acquire Renewable Energy Sources (RES) projects in three additional nations while fortifying its presence in Romania. Meanwhile, Mytilineos is tasked with the development and construction of said projects, to be subsequently transferred to PPC Group upon their integration into the electricity grid.
This agreement marks a pivotal moment in the energy transition, with the envisaged projects anticipated to cater to the power needs of 320,000 households and mitigate approximately 3.4 million tonnes of CO2 emissions.
Horea Popescu, CMS Romania's managing partner and Head of CEE Corporate M&A, expressed satisfaction at facilitating PPC's involvement in this landmark transaction, reinforcing its leading stature in the European renewable energy sector and its commitment to fostering green electricity generation and energy storage projects. The expertise of CMS in renewables and cross-border transactions proved instrumental in guiding PPC throughout this intricate deal.
This significant development follows PPC Renewables, a wholly-owned subsidiary of PPC, successfully acquiring an 84-MW operational wind farm in Romania from the Lukoil Group last month, another transaction wherein CMS provided advisory services.
Horea Popescu and Mircea Moraru, along with the team from Romania, spearheaded PPC's advisory efforts, supported by Veliko Savov from Bulgaria.