Clifford Chance advised Erste Group and BCR on financing the development of a 99.2 MW onshore wind project acquired by Nala Renewables from OX2

A multijurisdictional Clifford Chance team has advised Erste Group Bank AG and BCR on financing the development of a 99.2 MW onshore wind project acquired by Nala Renewables from OX2. The deal includes a long-term power purchase agreement with a multinational corporate offtaker.

The team advising on the EUR 214 million deal included lawyers from the Bucharest office – Nadia Badea (Partner), Andreea Șișman (Counsel), Carmen Buzenche (Senior Associate), Adelina Seserman (Associate) and Georgiana Cupas (Lawyer), the Munich office – Jared Grubb (Partner) and Giuseppe Chiaula (Associate), and Amsterdam – Philip Walsh (Counsel).

The lawyers advised on aspects including finance structuring, drafting and negotiation of finance documents, bankability review of project agreements as well as with the complex negotiation and signing of a 12-year PPA (Power Purchase Agreement) with a multinational corporate offtaker.

Nadia Badea, Head of the M&A Energy Practice in Bucharest, says: “Our multidisciplinary Energy practice is highly skilled and experienced in complex legal matters such as PPAs with sophisticated offtakers and Project Finance. We are honored to be the trusted advisors for major Renewable players currently active in the region, and to be involved in the most substantial renewable energy transactions on the Romanian market, with the largest combined capacity, by order of several GWs.”

Counsel Andreea Șișman adds: “We are glad to add another representative transaction to our Firm’s impressive Project Finance portfolio. Working once again with the Erste and BCR teams has been exceptional, and I want to congratulate everyone for a job well done, at the highest professional and industry standards.”