Wolf Theiss: Vestas – Lukerg Renew Romania deal was completed

Law firm Wolf Theiss yesterday announced that it had assisted the completion of one of the most important deal of 2013 in renewable energy, involving total payments of approximately EUR 137.5mln. The company has assisted the energy giant Vestas in the sale of two wind power plants to LUKERG Renew (a 50-50 joint venture between Lukoil Ecoenergo and Italy’s ERG Renew). The power plants are located in Romania (Gebeleisis) and Bulgaria (Hrabrovo). The wind park in Romania, Gebeleisis (70MW), is fully operational since early this year and has an average annual production of over 165GWh, according to a press release. Vestas decided to sell the two projects because the development and ownership of projects did not fit the usual business model of the group. The transaction in Romania was completed in late June 2013. Ileana Glodeanu, the M&A lawyer who coordinated the Wolf Theiss – Gebeleisis team, stated: “In these difficult times for the renewable energy sector of Romania, it is encouraging to conclude a transaction by which approximately EUR 109mln was transferred in the accounts of Vestas entities in a single day, on June 28^th 2013, after other payments have already been made. Other amounts will be paid, with a total payment value per transaction of approximately EUR 137.5mln”. Vestas and the law firm Wolf Theiss Bucharest have a long-term commercial relation, the Danish company receiving legal assistance for a large number of projects in the renewable energy sector in Central, Eastern and South-Eastern Europe, including related to the recent financing granted by a consortium of banks, worth a total of EUR 1.2bn, which involved 21 jurisdictions, including Romania.