CMS advises Green for Growth Fund on minority stake acquisition in the solar project in Ukraine

CMS has advised Green for Growth Fund (GGF) on equity (minority stake acquisition) and debt investment in a Ukrainian company holding the project rights essential for the development, construction, and operation of a solar power plant.  

GGF is an impact investment fund that mitigates climate change and promotes sustainable economic growth, primarily by investing in measures that reduce energy consumption, resource use and CO₂ emissions.

GGF, together with Goldbeck Solar Group – an international company specialising in large-scale solar installations – will construct and operate a new solar project in Ukraine.

The proposed solar power plant is projected to reduce emissions by over 12,000 tonnes of CO₂ annually while producing more than 28,000 MWh of clean energy each year.

Transactional and financial aspects of the deal were handled by CMS Bulgaria. CMS Ukraine provided comprehensive support on the Ukrainian law issues throughout the transaction, including both the due diligence and transactional stages.

The CMS team advising on English law matters was led by partner Elitsa Ivanova (Finance, CMS Sofia), supported by Atanas Bangachev and Yavor Danailov (Corporate, CMS Sofia). The Ukrainian law workstream was led by Vitaliy Radchenko (EPC, CMS Kyiv) and Tetyana Dovgan (Corporate, CMS Kyiv) and Kateryna Chechulina (Banking & Finance, CMS Kyiv), with support from Maksym Zhurakovskyi (EPC, CMS Kyiv); Mariana Saienko, Artem Sinelnikov, Dariia Yerokhina and Marta Chernychka (Corporate, CMS Kyiv); Mykola Heletiy and Viktoriia Stavchuk-Mulundkar (Commercial, CMS Kyiv); Yaroslav Pavliuk and Liudmyla Stryzhak (Banking, CMS Kyiv).