Schoenherr and sole practitioner Mihaela Aliman have advised Renovatio on its two-pronged transaction with OMV Petrom concerning the sale of a 50% stake in 1-gigawatt renewable projects company Electrocentrale Borzesti and the sale of Renovatio Asset Management, operating more than 400 electric-vehicle charging points in Romania. Tuca Zbarcea & Asociatii advised OMV Petrom.
Closing is expected in the first half of 2024. Renovatio is an infrastructure asset owner. OMV Petrom is the largest integrated energy company in Southeast Europe, according to its website.
According to Schoenherr, “one arm of the deal refers to the sale of a 50% stake in Electrocentrale Borzesti, which holds an approximately 1-gigawatt capacity of renewable projects (950 megawatts of wind and 50 megawatts of photovoltaics). These projects will be further developed, built, and operated by RNV Infrastructure in partnership with OMV Petrom.”
“The second arm of the transaction refers to the divestment of Renovatio Asset Management, the owner of Romania's largest network of electric vehicle charging stations, with more than 400 EV charging points and plans to increase to approximately 650 by 2026 [...] Through this newly formed partnership, OMV Petrom together with Renovatio plan to invest approximately EUR 1.3 billion in renewables by 2027, including bank financing,” the firm reported.
The Schoenherr team included Partner Georgiana Badescu and Local Partner Monica Cojocaru.
The Tuca Zbarcea & Asociatii team included Partners Cornel Popa, Silvana Ivan, and Alexandra Peres and Managing Associate Nisa Jecu.