International law firm CMS has advised Green Genius, part of Lithuania’s Modus Group and one of the leading developers in the renewable energy sector, on the sale of a 42.3-MW solar project portfolio in Poland to NextEnergy Capital Group.
The portfolio developed by Green Genius, which has more than 1.5 GW of projects in various stages of development, includes projects that were awarded a 15-year Contract for Difference (CfD) in Poland’s 2019 renewable energy auction. Once operational, the solar parks will have a combined output to supply about 24,000 homes per year.
The transaction executed through NextPower III ESG (NPIII) solar fund marks NPIII’s first acquisition in Poland. It is expected to be finalised in the last quarter of 2021, once all the assets have been constructed and energised. The value of the deal has not been disclosed.
CMS provided Green Genius with comprehensive transactional advice. The transactional project team involved in the sale of the photovoltaic (PV) portfolio comprised: Rafał Zwierz, partner and head of the CMS M&A practice in Poland, and Marta Osowska-Buba, senior associate, supported by Tomasz Piotrowski, lawyer, Joanna Białoskórska, senior associate, Magdalena Mentrak, lawyer, and Patrycja Maliszewska, associate, from the M&A team. The Corporate/M&A lawyers were supported with sector and regulatory energy expertise provided by Piotr Prawda, senior associate, Anita Szemraj, associate, and Marta Tarkowska, lawyer. The tax advice was provided by Karol Kozłowski, associate, while Wojciech Szopiński, senior associate, delivered environmental expertise. On the real estate matters, the team was supported by Jagoda Guzik.
CMS lawyers have recently advised on the following PV projects:
- The acquisition of 100% of the shares in the Polish company Wento and a 1.6 GW portfolio of PV photovoltaic projects, by a Norwegian energy company, Equinor, from Enterprise Investors, a private equity fund. The value of the transaction amounted to EUR 91 million, before net cash adjustments.
- The investment in and the subsequent sale of a complex of 49 photovoltaic PV power stations by Modus Group, a leading developer in the renewable energy sector, to Aberdeen Standard Investments, an asset management fund.
- The acquisition by Partners Group, a Swiss investment manager, of a majority stake in the VSB Group, which implements projects in the renewable energy sector.
- Advising Green Genius, one of the leading developers in the renewable energy sector, on the sale of a portfolio of 41 solar power stations to Aberdeen Standard Investments.
- Advising Nordex SE, a German wind turbine maker, on the sale of its photovoltaic assets located in Poland, France, Spain and Sweden to RWE.
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