A multijurisdictional Clifford Chance team coordinated by the Bucharest office has advised the lender consortium comprising the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD) and Banca Comercială Română (BCR) in the successful closing of a financing for the landmark Dobrun-Sadova Solar renewable energy project in Romania.  The Project is being developed as a collaboration between Oslo-based Scatec, a leading renewable energy solutions provider making its first investments in Romania, and Istanbul-based DEFIC Globe Enerji, a regional leader in the development of renewable energy projects.  The utility scale renewable energy development involves the construction, operation and maintenance of three photovoltaic solar parks with a total installed capacity of 189.7 MWp in Romania. The Project benefits of CfD-based revenues from two contracts concluded with the Romanian CfD Counterparty.  The Project promotes Romania’s transition toward clean energy, adding significant new solar generation capacity and contributing to national and EU decarbonisation objectives.  The closing marks a significant milestone for Romania’s renewable energy sector and reinforces the role of Scatec and DEFIC Globe as key sponsors advancing the region’s solar generation footprint.  The Clifford Chance cross-border team advising the banks on the financing and due diligence aspects of the transaction was led by a core team comprising Partners Andreea Șișman and Anna Thwaites, Counsel Gabriel Toma, Senior Associate Adelina Seserman, Senior Associate Carmen Buzenche, Senior Associate Diana Borcean, Lawyer Georgiana Cupas and Associate Jeffrey Arthur.  Partner Andreea Șișman said: “We were delighted to work alongside the teams of EIB, EBRD and BCR - three high-profile financial institutions we often join forces with in landmark Renewable Energy transactions. It was also a great opportunity to work with Scatec on their first investment in Romania’s thriving market, an investment that benefits from their global experience, professionalism and commitment to the energy transition.”  Partner Anna Thwaites adds: "We are proud to have advised EIB, EBRD and BCR on this strategic financing deal, which will contribute to the successful development of Scatec’s first and DEFIC Globe's most recent renewable energy project in Romania.

Clifford Chance Badea, the local office of global law firm Clifford Chance, advised Electro-Alfa International on its initial public offering of newly issued shares following a capital increase (IPO), worth approximately RON 580 million (EUR 115 million). The offering was significantly oversubscribed, placing it among the most prominent listings by Romanian entrepreneurial companies.  The Clifford Chance team was led by Radu Ropotă (Partner) and included Nicolae Grasu (Senior Associate) and Cosmin Mitrică (Associate) from the Capital Markets practice, as well as Roxana Bărboi (Associate) from the Corporate M&A practice. The team advised the client throughout the entire transaction, from the organisation and preparation of the legal framework and structuring the offer, to drafting the prospectus, negotiating the contractual documentation in line with international standards, and advising the issuer on corporate governance matters.  George Ciubotaru, Vice President of the Board of Directors of Electro-Alfa International, says: "We would like to thank our partners at Clifford Chance Badea for this exceptional collaboration.