Published on 15 May 2023CMS has advised NLB Komercijalna banka a.d. Beograd and NLB d.d. Ljubljana, both members of the largest banking and financial group in Slovenia, NLB Group, on the financing of the reconstruction of Sava Center, the largest congress venue in Southeast Europe. This iconic Belgrade landmark, officially opened in 1977 and host to numerous large-scale events and performances, has recently been acquired by Delta Holding and is embarking on a new era with the start of its reconstruction in 2021. The CMS Belgrade team, led by partners Ivan Gazdić and Milica Popović and including senior attorneys Ksenija Boreta, Jovana Bingulac and Sandra Miljanić, as well as members of the CMS International Finance team based in Bucharest, led by partner Ana Radnev, have provided full legal support in the preparation of finance documents for the EUR 55 million loan. The reconstruction of the 100,000 square meter building is taking place in two parallel phases, with the first expected to be completed by November 2023 and the second in the first half of 2024. The investment will amount to over EUR 100 million, a part of which is financed through the loan granted by NLB Group. This loan continues to strengthen NLB Group’s position as a leading financial institution in the SEE region. We extend our congratulations to all parties involved in this significant project for Serbia!

24/01/2023In­ter­na­tion­al law firm CMS has advised The European Bank for Reconstruction and Development (EBRD) on a EUR 10.8 million loan to Serbian company Stax Technologies (Stax). Stax is a manufacturer of paper tissue packaging machines based in Konjevići. It intends to use these funds to expand its production facilities, purchase state-of-the-art equipment and implement energy efficiency improvements, including the installation of a new 300KW rooftop solar power system, which will allow the company to produce the energy it needs for its own operation in a sustainable way. CMS advised EBRD on all English and Serbian law aspects of the transaction and acted as a leading counsel, providing assistance in preparation, negotiation and completion of the relevant finance and security documents and closing the transaction. CMS Partner Rafal Zakrzewski com­men­ted: “We are delighted to have advised our long-standing client EBRD on this loan, which will have such a positive impact for the local Serbian community. The firm’s leading position in the CEE and expertise allows us to handle more and more major and complex transactions for our clients.”The CMS English law team was led by Rafal Zakrzewski and Orest Matviychuk, with support from Ivan Pshyk and Michal Horelik (Finance). The CMS Serbian law team was led by Milica Popović with the support of Jovana Bingulac, Ksenija Boreta (Banking and Finance); and Marija Marošan (Real Estate and Energy).

Published on 3 November 2022CMS has advised a consortium of banks consisting of UniCredit, Credit Suisse, Eurobank and OTP Bank on the €205 million refinancing of Čibuk, a 158 MW onshore wind farm located in Serbia. The Čibuk wind farm is owned by the Taaleri SolarWind I Fund and its co-investors, Finnfund, Masdar and DEG, the German development finance institution. With 57 turbines, it is the largest wind farm in Serbia and produces enough electricity to supply around 87 thousand households. It offsets the equivalent of around 380,000 tonnes of carbon dioxide during each year of operation. CMS acted as legal advisors to the lenders in respect of the loan financing package. The English law CMS team was led by Rafal Zakrzewski and Przemysław Karolak, with support from Marcin Krzemien, Michał Horelik and Jakub Smiałek (Banking & Finance).  The Serbian law CMS team was led by Milica Popovic, with support from Ksenija Boreta, Jovana Bingulac (Banking & Finance), Ivan Gazdic and Marija Marosan (Real Estate & Energy). 

UniCredit Bank Serbia and Elicio Ali VE, a 100% subsidiary of Elicio NV, successfully closed the refinancing transaction of the 42 MW Alibunar wind farm in Q3 2021. CMS Belgrade has been selected to prepare the full set of finance documents for UniCredit Bank Serbia as the sole lender in the EUR 53 million re­fin­an­cing.  Com­ment­ing on the transaction, Nikola Vuletić, Chairman of the Management Board of UniCredit Serbia, said: “We are proud that Elicio once again recognised our bank as a reliable partner for the first refinancing of an operational wind farm conducted in Serbia. This is a clear example of how banks and the renewables sector can contribute to improving overall energy security and consumption of renewable energy in Ser­bia.”  Alain Janssens, CEO of Elicio, added: “This refinancing represents an important milestone for the Serbian renewables market as it affirms the strong fundamentals of the project and the bankable regulatory environment for renewable energy production in Serbia. The transaction also confirms the funding available in the Serbian market to locally finance well-structured projects and to do so on longer tenors. These are crucial conditions for realizing Serbia’s considerable ambitions in terms of an increased contribution of wind energy to the energy mix, an area in which Elicio will continue to actively par­ti­cip­ate.” The team of CMS Belgrade experts headed by partners Ivan Gazdić and Milica Popović provided full legal support in every phase of this landmark refinancing, from the legal due diligence review to full-scope advice on multiple regulatory, real estate, corporate, project finance and other legal issues and drafting of the finance documents. Other team members include Ksenija Boreta, Marija Marošan, Igor Đorđević, and Teodora Vujošević.

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