RTPR advises Evryo Group on the sale of its renewables portfolio to PPC Group

RTPR has assisted Evryo Group, owned by funds managed by Macquarie Asset Management, in relation to the sale of its renewable energy portfolio to PPC Group.  The transaction includes the Evryo Wind Farm, Romania’s largest operational onshore wind farm, with a total installed capacity of 600 MW, and the group’s hydropower system comprising 4 hydroelectric plants and associated hydro facilities, with a total installed capacity of approximately 22 MW. The Evryo Wind Farm is operated by Tomis Team, MW Invest and Ovidiu Development, and the hydropower system by TMK Hydroenergy Power. The transaction is subject to customary regulatory approvals and is expected to close by the end of 2024.

The RTPR team was coordinated by Roxana Ionescu (Partner) and Cezara Urzica (Senior Associate), with Andrei Nicolae (Junior Associate) closely assisting throughout the process. The team of lawyers further included Marina Fecheta-Giurgica (Senior Associate), Serban Halmagean, Flavia Mincu (Associates), George Capota, Irina Marinescu, Maria Luca, Radu Ciolacu, Daria Spatariu, David Mirea and Luka Perovic (Junior Associates). Cosmin Tilea (Partner), Andreea Nedeloiu (Senior Associate) and Livia Tuca (Associate) advised on the finance matters of the deal.

“The complexity of this multidisciplinary transaction required significant dedication and expertise, and the successful completion of this high-profile project brings us great satisfaction. Our involvement in such prominent mandates not only reaffirms the expertise of our practice but also highlights the trust clients place in us to guide them through their most ambitious deals”, said Roxana Ionescu, Partner of RTPR.

“I am honoured that together with the entire RTPR team have contributed to the success of this landmark transaction for the Romanian energy sector. Heartfelt congratulations to Evryo for their success in this endeavour. As always, it has been a pleasure collaborating with the exceptional team that managed this project from the client’s side”, said Cezara Urzica, Senior Associate at RTPR.

RTPR has a longstanding partnership with Macquarie Asset Management having worked on various transactions together including in 2021 when RTPR advised the business on its acquisition of ČEZ Group’s portfolio in Romania, at that time the largest M&A transaction in Romania for the previous 12 years.

RTPR has one of the most experienced teams of lawyers specialised in Corporate/M&A in Romania. The experience and quality of the firm’s services are recognised by the most relevant legal publications, the RTPR practice is included in the first tier in the Chambers, Legal 500 and IFLR1000 rankings, which are realised based on feedback collected from clients and competitors, as a result of a thorough research process. Several of the team’s lawyers are also recommended as Leading Lawyers or Rising Stars in individual rankings produced by these publications.

Recently, RTPR was named “Romania Law Firm of the Year” at the Chambers Europe Awards 2024, one of the most prestigious accolades in the legal area which confirms the firm’s status as a leader in the field.

Selected corporate/M&A deals in which RTPR have recently advised are set out below:
→    MidEuropa Partners on the EUR1.3bn sale of Profi, in the largest transaction in the retail sector ever concluded in Romania
→    OX2 on the sale of a 99.2 MW onshore wind project located in the Eastern part of Romania to Nala Renewables, a joint venture between IFM Investors and Trafigura
→    Innova Capital on the sale of Optical Investment Group to EssilorLuxottica
→    Global Records and Stefan Lucian, the founder and CEO of the company, in the process of selling a 25% stake in the company to Believe, one of the world’s leading digital music companies and of setting up the terms of their strategic partnership
→    Vectr Holdings, through its subsidiary Vectr Realty Holdings, on the indirect acquisition of 100% stake in the company that owns The Landmark office building
→    Intesa Sanpaolo Bank, the largest Italian bank, on the acquisition of First Bank from the American private investment fund J.C. Flowers
→    Morphosis Capital and a group of co-investors from Belgium on the acquisition of a majority stake in Mark Twain International School
→    ENGIE Romania on the acquisition of an operational wind farm with a capacity of 80MW
→    Orange Money Romania, part of Orange group, on the transfer of its retail business to Alpha Bank Romania
→    Romcim, part of the CRH Group, on the acquisition of Bauelemente Reinvest S.R.L. and its fully owned subsidiary, Bauelemente S.R.L., the market leader manufacturer of prefabricated reinforced and prestressed concrete in Romania