Kinstellar advises Chinese investors on Serbian wind farm venture

December 2023 – Kinstellar has successfully advised Chinese investors CMC Capital, a member of China National Technical Import and Export Corporation group (“CNTIC”), and Shanghai Electric Power & Energy Development Limited (“SEP”) on the acquisition of 100% of the shares in Crni Vrh Power d.o.o., a project company developing a 150 MW onshore wind farm in the eastern Serbian municipalities of Bor, Žagubica, and Majdanpek.

The Crni Vrh wind farm was purchased "ready-to-build"—which means that all essential permits and land rights were secured prior to the start of the construction phase, which includes 28 wind turbines.

With this acquisition, CNTIC and SEP have entered Serbia’s renewable energy sources (RES) market for the first time. The companies formed a joint venture for the deal, with SEP holding 51% and CNTIC holding 49% of the shares.

The Crni Vrh wind farm is scheduled to begin commercial operations in 2025, with an expected annual electricity generation of 480 million kWh.

The Kinstellar team was led by Miloš Velimirović, Managing Partner. Aleksa Bošnjović (Senior Associate) handled M&A and energy-related matters, Mario Kijanović (Senior Associate), Miroslav Ravić (Associate) and Vuk Vučković (Associate) managed the real estate issues, while Olga Šipka (Special Counsel) oversaw all competition law aspects of the transaction. 

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