CMS Cameron McKenna has advised first-time client, Seoul Marine Co. Ltd. (Korea) in the acquisition of two of the largest photovoltaic (PV) projects in Central and Eastern Europe (CEE).
The projects, both of which are located in Bulgaria, are licensed and planned for 45 MWp installed capacity. Photovoltaics convert solar radiation into direct current electricity and due to the EU 2020 targets; there is a growing demand for renewable energy sources. As a result of these targets, the production of solar cells and photovoltaic projects has advanced dramatically in recent years.
The two PV projects in question, Samovodene and Zlataritsa are both licensed by the Bulgarian Energy Regulator (SEWRC) for 25 years of operation and the value of the projects will exceed €150 million.
Kostadin Sirleshtov, Head of the CMS Energy practice in Sofia commented: “CMS is extremely well-placed to be able to serve clients in the energy sector and we are proud to be selected by Seoul Marine as their law firm of choice in Europe. This is a landmark acquisition and the importance of these projects will positively impact the CEE region as a whole. Bulgaria aims to reach 16% renewable energy in the end customers' mix, from the current position of 9-10% and this deal contributes substantially to this goal. For a country with just 4-5 MW PV installed, we consider these two projects as a defining step forward for the PV business. ”
Seoul Marine is the largest solar energy company in Korea, listed on the Korean stock exchange and is a manufacturer of solar panels and an investor in many PV projects.