CMS advises Hydro Rein on its 50/50 joint venture with Commerz Real to develop solar projects in Denmark

International law firm CMS has advised Hydro Rein on its agreement with Commerz Real to establish a 50/50 solar joint venture which will acquire a Danish solar portfolio. Completion of the joint venture is subject to customary conditions and is expected to complete in Q1 2023.

The joint venture will initially purchase a 362MW solar portfolio in Denmark from developer GreenGo Energy (comprising two early phase projects), with GreenGo Energy continuing to develop the projects until the commercial operations date. The joint venture is intended to provide a platform for scaling the portfolio to 1GW.

Charles Currier, Corporate partner at CMS, comments: “We are delighted to have supported Hydro Rein on this important transaction which represents Hydro Rein’s first investment in Denmark and its first solar investment in the Nordics. This deal is the latest in a long list of renewable energy transactions which CMS has advised on in the Nordic region and we were able to draw on our market-leading international renewables M&A expertise to deliver a successful outcome for Hydro Rein.”

The CMS team was led by Charles Currier and Michael Carroll, with support from Louise Dalton, Thomas Forman and Sabrina Polito (Energy); and Russell Hoare and Jean-Francois Willems (Competition).