International law firm CMS advised Norwegian energy company Equinor on the purchase of 100% of shares in the Polish company Wento, which develops photovoltaic and wind projects, from Enterprise Investors, a private equity fund. The deal also included the acquisition of a 1.6 GW portfolio of photovoltaic projects. The value of the transaction amounted to EUR 91 million, before net cash adjustments.
“The photovoltaic market in Poland has huge potential, which can be seen in the numbers. In the last year, the capacity of PV installations connected to the grid has doubled as compared to 2019, and the number of terms and conditions for connection being currently issued shows that this trend will continue. This is due to the direction of the European Union’s energy and climate policy, and additionally the system of public support ensures a certain predictability of income for the investors in the perspective of the coming years,” emphasised Piotr Ciołkowski, partner heading law firm CMS’s work on the project.
Since 2011 Wento has developed and then monetised wind and solar parks of the capacity of 85 MW and 177 MW, respectively. Currently, Wento’s business plan includes a total net pipeline of around 1.6 gigawatts (GW) of solar projects in different stages of development.
The Norwegian energy company Equinor is involved in three offshore wind projects in Poland: MFW Bałtyk I, MFW Bałtyk II and MFW Bałtyk III, in which it holds a 50% interest.
Advice related to the transaction was provided by a team of CMS lawyers coordinated by Piotr Ciołkowski, partner and leader of the Energy Regulatory team, and Mateusz Stępień, partner from the Warsaw transaction practice. The team comprised: Angelika Szufel, Ada Szon, Bartlomiej Ślemp, Kacper Stanosz and Adam Kędziora from the Energy and Infrastructure Projects team and Magdalena Zmysłowska and Michał Sowiński from the M&A/Corporate team. Maciej Andrzejewski advised on employment law and Maciej Kópczyński was responsible for the compliance issues. As regards the real estate aspects, the team was supported by Agata Parys and Anna Mikołajewska-Jelitto.
CMS is one of the most experienced law firms in the renewable energy market in Poland both as regards M&As, the investment process, as well as regulatory advice in the energy sector.
CMS lawyers have recently advised on the following PV projects:
- The investment in and the subsequent sale of a complex of 49 photovoltaic 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, implementing projects in the renewable energy sector.
- 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.
- Nordex SE, a German wind turbine maker, on the sale to RWE of its photovoltaic assets located in Poland, France, Spain and Sweden.