International law firm CMS has advised a company from the SINO-CEEF group on the construction and sale of a portfolio of photovoltaic plants with a total capacity of 51 MW - to a consortium of two Chinese investors. The transaction closed on 21 September 2022.
SINO-CEEF is a leading private equity firm that focuses on investments in Central and Eastern Europe, as well as other regions associated with the Belt and Road Initiative.
CMS and SINO-CEEF’s implementation of the project began in 2020 and included comprehensive legal advice on regulatory, contractual, real estate, corporate, tax, insurance and transactional issues. This almost two-year cooperation covered the entire project scope, including the conclusion and execution of electricity sales contracts, EPC contracts, O&M contracts, negotiating financing agreements, support with regulating land titles, obtaining electricity generation concessions and entries in the register of small-scale energy producers, as well as support for the introduction of photovoltaic power plants into the auction system.
The transaction was structured as a conditional sale of the project companies, with the preliminary agreement signed in April 2022. The fulfilment of all the conditions precedent made it possible to close the transaction on 21 September 2022.
The CMS multi-disciplinary team was headed by Łukasz Szatkowski and Rafał Zwierz, who were supported by Marta Osowska-Buba, Kinga Mogilnicka, Karol Kozłowski, Małgorzata Brauckmann-Sajkiewicz, Rafał Kołkowski (Corporate); Piotr Prawda, Adam Kędziora, Alicja Smyklińska, Karolina Drozd and Adrianna Roszak (Energy); Krzysztof Mrozik and Julia Czerwińska (Finance).
