KG Law Firm advised Ashtrom Renewables Energy

October 2022 KYRIAKIDES GEORGOPOULOS Law Firm’s Energy Infrastructure team advised Ashtrom Renewables Energy on a transaction that marks the Company’s entry into the Greek Renewables Market through the acquisition and development of a photovoltaic projects pipeline of a total capacity of 541 MW, a part of which is at a late development stage. The Energy team’s involvement was continuous from the performance of the due diligence process up to the closing of the transaction beginning of October.  The team was led by Gus J. Papamichalopoulos (Senior Partner), and included Efi Palaiologou…

Gokceada Renewable Power Plant Project

September 2022 The 2-megawatt renewable power plant in Gökçeada will be integrated into the virtual power plant system to be established and will enable electricity supply from clean sources. In the virtual power plant project (VPP4Island), which includes 19 partners from countries such as England, France, Italy, Spain, Germany, Denmark and the Netherlands, Turkish Electricity Generation Company (EUAS)'s stakeholders are Bozcaada Municipality, Troya Environment Association and Inavitas. 70% of the total cost of EUR 7.2 million of the project, which will be implemented under the EU Horizon 2020…

Public Calls for Choosing Heat Energy Providers

September 2022 The Government of North Macedonia has published the public calls for choosing a provider for regulated production of heat energy, distribution of heat energy, and supply of heat energy. The Government intends to choose providers of the abovementioned energy activities (which are considered as public services) to meet the needs of consumers on the territory of Skopje in several municipalities, ahead of the upcoming heating season. All legal entities established in North Macedonia who meet the criteria from the tender documentation can participate on the public calls and send their…

EBRD Lends EUR 43 Million to Taaleri-ENCRO JV for Two Wind Farms in Croatia

September 2022 The European Bank for Reconstruction and Development (EBRD) is helping to speed up Croatia’s transition to clean energy by helping to finance the construction of two new wind farms. The bank is extending a EUR 43 million loan to Kunovac d.o.o., a limited liability company jointly owned by Taaleri Energia’s SolarWind II Funds and ENCRO Kunovac d.o.o., for the first utility-scale renewable project in Croatia developed outside of a renewables subsidy scheme. The EBRD proceeds will finance the construction and operation of two onshore windfarms in the Zadar region, with a joint…

Wind Farms in Lezha, Northwest Albania

September 2022 Two new wind farms, named BPGE1 and BPGE2 (114 MW and 120 MW, respectively), are planned to be built by an Albanian-Italian consortium of “Biopower Green Energy” SHPK and "Marseglia Group" srl in the mountain ranges of Renc and Kakariq, parallel to the coastline in Shengjin and Balldren, Municipality of Lezha (Northwest Albania). The estimated investment value is EUR 244 million. The project was awarded a strategic investment status which gives to private investors access to administrative assistance and support programs, including the right to acquire for free state-owned land…

Akkuyu Nuclear Power Plant

Akkuyu Nuclear Power Plant in Mersin is expected to become a major energy resource for Turkey.

Investment in Reactors 3 and 4 at Cernavoda has Received the Preliminary Approval

August 2022 Nuclearelectrica (SNN), controlled by the Ministry of Energy, decided the continuation of the project for the construction of units 3 and 4 of Cernavoda nuclear power plant and the transition to its second stage, consisting of preliminary works. The shareholders have also approved the initiation of procedures for awarding and concluding the contracts necessary to finalize the project, within the limit of EUR 185 million. Moreover, EnergoNuclear’s financing by its sole shareholder SNN with EUR 185 million, through a capital increase and/or a loan, was also approved.  

Possible Regional Connections of the Energy Exchange

August 2022 The Slovenian energy exchange BSP Southpool is considering connecting with foreign energy exchanges and creating a regional exchange. It has been reported that serious negotiations are underway to connect with the Serbian SEEPEX energy exchange. BSP has 33 members – Slovenian and foreign companies engaged in the sale of electricity. The energy exchange allows members to trade day-ahead and intraday, on clearing and long-term auctions. It issues the Slovenian Electric Stock Exchange Index (SIPX), which reports the hourly index of electricity on the electricity exchange market in…

NNDKP Assists ExxonMobil with Closing the Sale of Its Participation in Neptun Deep Offshore Project to Romgaz

August 2022 Nestor Nestor Diculescu Kingston Petersen (NNDKP) assisted ExxonMobil, one of the world’s largest publicly traded international oil and gas companies, with finalizing the last steps in selling to Romgaz its 50% participation in the Neptun Deep offshore block in the Black Sea. With the sale being materialized, this is one of most important M&A transactions in the energy sector ever rolled out on the local market that reshaped the oil & gas industry in Romania. NNDKP advised ExxonMobil in all stages of the transaction, covering the full range of legal aspects entailed by the…

Crni Vrh Wind Farm

May 2022 This is a wind farm project with envisaged installed capacity of 50 MW in the mountainous area of Eastern Serbia. The project in permitting stage which is expected to be completed during 2022. The project is being developed by two local development companies who are looking for an outside financial investor. The cost of the construction of this 50 MW wind farm is estimated at around EUR 100 million.

Pumped Storage Hydro Power Plant Djerdap 3

May 2022 Serbian Ministry of Mining and Energy plans investment into a new large-scale pumped storage hydropower plant Djerdap 3 with installed capacity of 2,400 MW. The investment in Djerdap 3 is estimated at several billion euros and would most likely require cross-border arrangements with Romania and Bulgaria.

Electricity Trader E.ON Ljubljana Possibly for Sale

May 2022 It has been unofficially reported that the German energy group E.ON is planning to sell E.ON Ljubljana. Although they had big plans in Slovenia, they did not succeed in gaining market share in Slovenia, and today E.ON is among the seven electricity sellers, which jointly have only a 5.2% market share in the sale of electricity to end customers. Ljubljana's E.ON is owned by the Zagreb-based E.ON company and has not made a profit since 2014 when it started operations. In 2020, it had EUR 12.5 million in sales revenue and an almost positive EBITDA. At the end of April 2022, the company…