The inauguration of the photovoltaic park Sarmasag in Salaj County took place on October 22 The event was attended by Sebastian Burduja – Energy Minister Lucian Bode – Vice President of the Chamber of Deputies Mircea Man – Vice President of ANRE and Dombi Attila – Mayor of Sarmasag Commune The Sarmasag photovoltaic park stands out for its photovoltaic power generation capabilities and the inclusion of a substantial battery storage system with a capacity of 22 MWh This integration of battery technology offers several significant benefits and increases the overall impact of the renewable energy installation in Romania “We continue to reap the benefits of last year’s last working day we stayed up until 4 in the morning to save a NRRP (National Recovery and Resilience Plan) milestone and sign the financing contracts for new power generation capacities almost 300 contracts signed for 1,800 MW of new green energy in the energy system Projects that included storage capacities were given a bonus in the evaluation grid I am glad to see that these investments are becoming a reality and generating green energy for Romania today we’re talking about a project that addresses today’s challenges in the energy sector – not just production Increased storage capacity for renewable energy has a very clear role: less pressure and instability in the system more interest to invest in green energy projects The private sector is our main partner in the energy transition process Every project counts – from those under 1MW to those of tens of MW Such investments are a general benefit for consumers and for the Romanian state because they take us step by step towards our goal: secure energy affordable energy for everyone and green energy,” Energy Minister Sebastian Burduja said “I congratulate the entrepreneurs who have implemented this project and I wish success to all those who are going to invest the amount of EUR 13 billion that we have put up for grabs in the 15 months of mandate They will bring over 10,000MW of new green energy to Romania: 1,800MW from the NRRP (private production) 3,000MW from the Modernization Fund (private production and self-consumption) 1,000MW from the Modernization Fund (self-consumption of public institutions) 730MW from CE Oltenia projects (photovoltaic parks) 5,000MW from the CfD scheme within the Modernization Fund (EUR 3 billion for solar and wind) 100MW from the Electric-Up program (SMEs and HoReCa),” Sebastian Burduja added The project developed by COMCRIS ENERGY SRL was signed on 30.12.2023 and has a total value of RON 216,227,981.42 (EUR 52,455,417.96) The non-refundable contribution granted by the Ministry of Energy from the NRRP is RON 68,126,400 (EUR 13,680,000) UniCredit Bank Romania has completed a project finance transaction offering a total financing of 39.3 million euros to Comcris Energy SRL The financing package aims to finance the development construction and operations of the Sarmasag 51.4 MW DC photovoltaic plant in Salaj County Project Sarmasag will be a new addition to Enery’s existing 117 MW renewable operational portfolio in Romania The project will benefit from a long-term CorporateThe project will benefit from a long-term Corporate Power Purchase Agreement with Ursus Breweries (part of Asahi Europe & International) The project’s construction works are ongoing with the substation works already completed in November 2023 UniCredit Bank was assisted by CMS Romania as Lender’s English and Romanian law Legal Counsel comprised Andreea Turcu (Senior Associate) and Bianca Radu (Lawyer) AFRY Italy S.r.l.has taken the role of Technical Advisor Enery was assisted in this transaction by Clifford Badea Chance Romania as Borrower’s Legal Counsel The Clifford Chance Badea team lead by Nadia Badea (Partner) was coordinated on the project finance aspects by Andreea Sisman (Counsel) supported by Madalina Mailat (Senior Associate) and Martha Busuiocescu (Trainee Lawyer) Executive Vice President Corporates UniCredit Bank: “Through its strategy adopted in 2022 UniCredit has maintained a steady course towards playing a central role in facilitating the transition to a sustainable economy in the markets our bank operates in We are therefore proud to participate as Sole Lender in this transaction that we have structured for our client This is a benchmark financing for the green energy sector in Romania while the Transaction is a significant achievement towards the ESG financing objectives of UniCredit.” Advisory & Specialized Lending Director UniCredit Bank: “We are enthusiastic to deliver solutions for financing the transformation of the Romanian energy system by putting our banks local and international knowledge and talents in the service of our clients Similar to other markets where the UniCredit Group has presence all our decisions and actions have strong ESG fundamentals that became part of our business model We are committed to increase the share of green lending in our total financing portfolio” Vice President M&A and Business Development Enery: “The financial close of 51.4 MW PV Project Sarmasag marks a new milestone in Enery’s growth story in Romania and once completed would nearly double our existing PV capacity in the country The project follows our strategy of selling reliable and long-term green electricity to our customers We are grateful to our financing partner Unicredit Bank Romania for their strong support and trust in the project We congratulate our partners on this important milestone and we look forward to continuing our cooperation and achieving more successes together!” The Project Finance team within Clifford Chance Badea’s Energy and Renewable Energy practice advised the banking syndicate including UniCredit Bank Banca Comerciala Romana (BCR) and Erste Group Bank in the signing of the EUR 214.45 million financing agreement with Austrian group Enery Power Holding for its entire Romanian portfolio of renewable energy projects and batteries The team of lawyers coordinated by Counsel Andreea Sisman and including Adelina Seserman (Associate) Alexandru Achim and Georgiana Cupas (lawyers) has advised throughout the entire process including on aspects regarding financial structuring as well as drafting and negotiation of financing documents “At the end of a very intense year for our Project Finance team we add a new representative financing for the renewable energy industry We were happy to once again work with our colleagues from UniCredit Bank with whom we have a long collaborative relationship with whom we have worked on several transactions that consolidated the company’s position on the Romanian market,” Counsel Andreea Sisman said a team coordinated by Andreea Sisman advised BCR and Erste Group Bank in connection with the financing agreement for the takeover of the Romanian renewable energy portfolio of the Canadian company Jade Power Trust by Enery Power Holding Clifford Chance Badea advised the Austrian group in connection with the acquisition and financing of the photovoltaic park in Sarmasag commune from the independent electricity supplier Restart Energy One The recently agreed financing with the three banking institutions will support Enery Power Holding’s plans for the development and consolidation of its renewable energy projects in Romania “We are going through a very dynamic period in the renewable energy industry This financing agreement adds to our record portfolio of renewable energy projects we have worked on in 2024 and confirms what we have already announced – the financing activity in this industry will intensify over the coming period to support increasingly ambitious and sophisticated projects carried out by the investors present in Romania,” Nadia Badea Partner and coordinator of the Energy M&A practice The Clifford Chance Badea lawyers advise developers utility companies and banks on sell side or buy side M&A regulatory aspects including project modifications advice on the newly launched CfD scheme or representation in major litigation cases This year’s portfolio has reached a record cumulative capacity of approximately 5 GW of renewable projects in various development stages as the law firm works with the largest and most active energy investors across all areas – from acquisitions to development projects The public Renewable Energy public transactions in 2024 include: Clifford Chance Badea is the local office of global law firm Clifford Chance LLP which has been present in Romania since 2006 The Bucharest office is constantly involved in complex transactions of syndicated loans Eurobonds and shares issues on international capital markets acquisitions by strategic investors or private equity funds as well as domestic and international litigation and arbitration An unusual flying object will visit Silverton in the next couple of weeks but residents have no reason to fear a secret government experiment or an encounter with creatures from another planet Using a helicopter carrying an electromagnetic mapping device, the U.S. Geological Survey is trying to understand the geological makeup of the San Juan Mountains, and hopefully, its groundwater workings. The aim, project managers said, is to inform decision-making for the Bonita Peak Mining District Superfund site “We’re going to provide a better picture of the whole study area,” said Douglas Yager we’ll be able to provide some useful information for land managers making decisions.” The mountains around Silverton sit on a caldera – a large collapsed magma crater formed by an explosion of a volcano 27 million years ago The volcanic activity unloaded the rich deposits of mineralized rock that drew droves of miners to Silverton in the late 1800s And it left behind a complex geological puzzle that challenges agencies attempting to clean up the miners’ mess “This is a really complex area,” Yager said “But since we have new technology advancements .. I think we do have an opportunity to learn new things.” The Bonita Peak Mining District Superfund site was declared in fall 2017 about a year after the Environmental Protection Agency caused a blowout at the Gold King Mine leaking wastewater into the Animas and San Juan rivers Although minor cleanup projects have occurred in the past 1½ years the EPA has spent much of its time trying to understand the upper Animas River basin and surrounding mountains in an attempt to form a comprehensive remediation plan The last USGS attempt to perform a geological survey of the San Juan Mountains around Silverton was in 1999 technology allows geologists to peer deeper into the Earth and produce much more precise models of an area’s geological makeup The USGS hopes to map groundwater flow paths which would allow researchers to determine whether water is entering into areas of heavy metals a low-flying helicopter tows a large wire loop that looks like a Hula-Hoop said the loop is about 60 feet in diameter “Flying heli-borne geophysical surveys in the mountains requires specialized flying techniques: Mountain flying experience combined with long-line slinging operations and low-level flying techniques with the ability to perform both while maintaining an accurate line direction and height,” he said “This is the reason we brought our helicopter provider from British Columbia the type of terrain and provide a level of safety and flying consistency that are needed for a successful survey.” Yager said the helicopter carries an electromagnetic system that measures tiny voltages used to map the Earth’s subsurface nearly all the 48 mining sites included in the Bonita Peak Superfund site will be surveyed “Each Superfund site has its own unique geologic setting,” he said The EPA expects the findings will help its cleanup efforts “It will provide information that will improve our knowledge of the subsurface and potentially provide interpretations of how groundwater flows through geologic structures mine tunnels and surface deposits,” EPA spokeswoman Cynthia Peterson wrote in an email Forest Service said the data will help inform decisions about projects to improve water quality in the headwaters of the Animas River “Anything that helps inform us what is happening naturally in the environment helps inform us with our reclamation efforts,” he said “It’ll be interesting to see what comes out of it.” The USGS helicopter survey is part of a three-year project to build a comprehensive 3D model of the Silverton caldera the USGS used technology to survey more than 6 miles into the Earth The USGS hopes to release the maps in 2020 Choose from several print and digital subscription packages Sign up for our daily email newsletter or to receive breaking news delivered to your inbox: The email "' + userEmail + '" could not be added Please try again or email Shane at shane@durangoherald.com for assistance We use cookies to improve your experience on our site. By using our site, you consent to our policies PPC has entered into a binding agreement with Evryo Group owned by funds managed by Macquarie Asset Management to acquire their renewable energy generation portfolio in Romania The deal has a total enterprise value of approximately EUR 700 million and the overall valuation is in line with previous market transactions with the total consideration subject to customary adjustments The acquisition further strengthens the PPC Group’s growth strategy in Romania and Southeast Europe by adding a significant portfolio of renewable operations PPC’s renewable energy portfolio in operation in Romania will double and PPC Group’s total installed capacity in operation will reach 5.3 GW PPC Group has extensive experience in operating renewable energy projects with a significant solar portfolio in Greece This transaction will expand and diversify renewable energy operations by adding large-scale wind and hydro projects in Romania The financing of the transaction is structured to be consistent with PPC Group’s financial policy in order to remain well within Group’s target leverage ceiling the PPC Group will add an estimated EBITDA of EUR 100 million annually “This acquisition is a significant new step for PPC Group’s overall growth strategy in Southeast Europe We are accelerating the development of renewable energy production in Romania by doubling our portfolio of renewable sources in operation further diversifying our renewable energy mix with assets located in the most sought-after regions of Romania Our regional renewable energy strategy aims to generate power in attractive markets with a diversified technology portfolio Southeast Europe is an increasingly interconnected market with converging energy prices and thus value can be created from the adjacent synergies in trading supply and risk diversification,” said Georgios Stassis Chairman and Chief Executive Officer of PPC Group Citigroup Global Markets Europe AG and Euroxx Securities SA are acting as financial advisors and Clifford Chance is acting as legal advisor to PPC Group in connection with the acquisition The closing of the Acquisition is expected to occur by the fourth quarter of 2024 and will be subject to certain customary conditions precedent for this type of transaction clearance from the relevant antitrust authorities PPC is the largest electric utility company in South-East Europe grid operation and sales of advanced energy products and services in Greece PPC has a total installed capacity of 11.5 GW hydro and renewables with a total annual generation of around 20 TWh while in networks the total regulated asset base amounts to around EUR 4.3 billion PPC Group is the main electricity supplier in Greece and Romania providing them with approximately 33 TWh of energy and a wide range of energy products and services and its shares are traded on the Main Market of the Athens Stock Exchange One of the largest acquisition agreements in Romania of a renewable portfolio the Bucharest office of global law firm Clifford Chance has advised PPC Group in its agreement with Evryo Group The multidisciplinary legal team advising on this landmark deal with a total enterprise value of approximately EUR 700 million was coordinated by Partner Nadia Badea and Counsel Loredana Ralea The core team included Radu Costin (Senior Associate) and Filip Marinau (Associate) from Bucharest as well as Partner Alex Cook from the Clifford Chance Munich office “Our extended expertise in M&A and Renewable Energy has been essential in advising on one of the largest acquisition agreements in Romania for an operational We are committed to helping our client in its strong commitment to green energy transition and we are honoured for their trust and appreciation,” Nadia Badea Head of the M&A Energy Practice in Bucharest “The successful closing of this matter is extremely rewarding for our M&A Energy practice We have been working closely with PPC and Macquarie and our excellent collaboration has streamlined an otherwise intense and complex process We congratulate all parties involved and we look forward to working with them in the future,” Loredana Ralea adds Clifford Chance Badea advised PPC Group throughout the entire transaction providing support on aspects of due diligence renewable energy-related regulatory aspects as well as advisory for the elaboration and negotiation of the final documentation Clifford Chance Badea clients benefit from the entire experience and know-how of the Clifford Chance offices in countries that are more advanced in the development of renewable energy projects utility companies and banks throughout the entire project development cycle of a renewable energy project – sell side or buy side M&A regulatory matters including project amendments The portfolio of recent transactions includes 1.Advising UK-based Nala Renewables Limited in its first deal closed in Romania namely the acquisition from Monsson Group of a ready-to-build photovoltaic park in Caras Severin with a total installed power of approximately 64 MW 2.Advising the European Bank for Reconstruction and Development (EBRD) and OTP Bank in relation to the EUR 93-million financing agreement for the construction and operation of the Urleasca Wind Farm (Braila) by Urleasca Wind Farm SRL the project company equally co-owned by BIG Shopping Centers ltd and MEGA OR ltd 3.Advising Greek-based Motor Oil Renewable Energy Single Member S.A (MORE) in the 86-MW deal marking its entry on the Romanian renewable energy market has acquired its first two new photovoltaic projects 4.Advising the Israeli company Nofar Energy Romania O&M and supply of solar energy production equipment for renewable energy projects in Romania with a total installed capacity of 643 MW one of the largest renewable energy players in Romania and the Republic of Moldova in relation to the Initial Public Offering and listing on the Bucharest Stock Exchange amounting to approximately RON 700 million JP Morgan and Société Générale in relation to Romania’s inaugural green bonds offer due in 2036 The Clifford Chance lawyers were also involved in the development of Romania’s Green Bond Framework by the Ministry of Finance with technical assistance from the World Bank and external advisory from Citibank and HSBC 7.Advising the arranger banks JP Morgan SE ING Bank N.V (which was also the sole sustainability consultant) and BT Capital Partners as co-manager in the first ESG bonds issue launched by Banca Transilvania 8.Advising the Austrian Group Enery Power Holding in connection with the acquisition and financing of a photovoltaic park in Sarmasag commune the global investment fund in sustainable infrastructure in relation to the acquisition from UK-based investment company Low Carbon of the majority interest in two renewable energy projects under development in Romania with an estimated installed capacity of around 1,000 MW the regional renewable energy platform of global investment fund Actis in relation to the acquisition of the 1,044 MW solar plant in Arad County from Monsson Group 11.Advising Enel Green Power Romania in the acquisition of a 90 MW solar portfolio from the Greek group Mytilineos 12.Advising the bank syndicate including Banca Comerciala Romana S.A and Erste Group Bank AG in connection with the financing of the acquisition by Austrian Group Enery Power Holding of the renewable energy portfolio held by the Canadian company Jade Power Trust 13.Advising an Israeli investor in energy projects on the due diligence related to the envisaged development of a solar project in Romania with more than 65 MW 14.Advising a developer in the sale of a wind power project with an installed capacity of 150 MW Clifford Chance has been present in Romania since 2006 and operates now as Clifford Chance Badea The Bucharest office is fully integrated in the global network and is frequently involved in complex transactions such as syndicated loans companies’ acquisitions by strategic investors or private equity funds Vastint Romania announces Vel Pitar as a new tenant for its Business Garden Bucharest office project will take up an area of 1,160 sqm (one floor in building B) ”We are happy about our new partnership with Vastint Romania which grants us access to a modern office space for Bimbo Group’s operations in Romania,” said Ilie Ionuț-Marius ”Our company’s most important objective is to value our people and that is why we have chosen Bucharest Business Garden easily accessible from any part of Bucharest” ”We are happy to witness the growth of the community created under the Business Garden Bucharest project by means of a new partner which has selected our project as the location for their future office thus renting a floor of 1,160 sqm in building B” Business Garden Bucharest is a premium office building complex consisting of three buildings with a total leasable area of 43,000 sqm LEED Platinum certified at the highest score in Romania Vastint Romania is a real estate company operating on the Romanian market since 2008 The company owns 2 premium office building projects each consisting of 3 buildings with a total leasable area of 95,257 sqm Vastint Romania’s development plans also include the second stage of development of Timpuri Noi Square where the company is going to build around 60,000 additional sqm of office and commercial space.