CMS has advised Scatec Solar ASA (Scatec Solar), a Norway-based solar power developer, on acquisition of a stake in solar projects portfolio from Rengy Development, one of the largest developers and independent solar power producers in Ukraine, with the aim to build solar power plants with the total capacity of 47 MW in the Mykolaiv region of Ukraine. As part of this transaction, Scatec Solar will own 51% of the business and Rengy Development will own the balance. Total capex for the projects is estimated at EUR 52 million. The start of construction is expected later in 2018 and commercial operation in 2019.
CMS team advised its long-standing client Scatec Solar on due diligence of the projects and Ukrainian and English law aspects of transactional documents.
Vitaliy Radchenko, partner and head of Energy and Projects practice in Ukraine, together with Natalia Kushniruk, senior associate and Real Estate practice coordinator, led this transaction with support from Ihor Pavliukov, Tetyana Dovgan, Vitalii Mainarovych, Diana Pysarenko, Khrystyna Korpan, Maryna Ilchuk, Volodymyr Kolvakh, Viktoriia Stavchuk, Kateryna Chechulina and with further support from Graham Conlon and Valentina Santambrogio on English law aspects of the transaction.
Vitaliy Radchenko commented: “We are excited to witness further development of solar projects portfolio by our client Scatec Solar in Ukraine. It shows commitment and confidence in the market and country. It is a great honour for us to play an active role in further improving Ukraine’s energy independence”.