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Uzbekistan’s rare earth elements sector. Short guide for lawyers, investors and lenders
Uzbekistan is increasingly viewed as a prospective jurisdiction for rare earth elements and associated critical minerals (“REEs”). The sector is primarily policy-driven, with state authorities actively promoting exploration and foreign investment. Under subsoil legislation, REEs fall within categories subject to heightened regulatory oversight, reflecting their economic and strategic significance. As a result, licensing, export, and commercialization conditions may differ from those applicable to ordinary construction or industrial minerals. Our team has prepared a comprehensive guide outlining the most recent developments in the sector. Click on the image below or use this link to read our overview
Kinstellar welcomes Miloš Gledović as Of Counsel for Energy & Real Estate in Belgrade
Kinstellar is pleased to announce that Miloš Gledović has rejoined our Belgrade office as Of Counsel, strengthening our capabilities in the Energy and Real Estate sectors. With more than 15 years of cross-border experience, Miloš advises on sophisticated energy and real estate matters, with a focus on project finance and construction. His work also includes corporate and tax structuring in the context of complex international transactions, supporting financial institutions, project developers, PE investors, and other industry professionals. In addition, Miloš brings valuable experience from the commercial real estate sector and expanded tax expertise, enabling him to deliver practical, business‑oriented
Romania’s new gas licensing rules: A closer look at the PE risk for foreign suppliers and traders
Starting January 2026, important changes have been introduced in Romania for holders of gas supply or trading licences by the national energy regulator, ANRE, through ANRE Order 83/2025 (the “Order 83/2025”), which repeals ANRE Order No. 199/2020 approving the regulation for granting permits and licences in the natural gas sector. In a nutshell, in order to obtain a gas supply or trading licence, applicants will need to file: evidence of having financial resources to carry out their activities of at least EUR 200,000 as opposed to the previous regulation (which required financing resources of 25% of the estimated turnover to be achieved in the first 12 months of activity, but not less than EUR 100,000)
Starting the new year with a successfully completed deal – Kinstellar advises E.ON on the sale of its Czech gas distribution business to CEZ Group
Kinstellar has successfully advised E.ON on the sale of 100% of the shares in Gas Distribution, the operator of the gas distribution network in the South Bohemian Region and parts of the Vysočina Region in the Czech Republic. The buyer, CEZ Group, has completed the acquisition through its subsidiary GasNet, thereby significantly expanding its gas distribution footprint across the country. Kinstellar's engagement spanned the full lifecycle of the transaction, including the preceding corporate reorganisation of E.ON's Czech operations involving a simultaneous spin-off and hive-down of its electricity and gas distribution businesses, regulatory approvals, advice relating to vendors’ due diligence, preparation and running
Kinstellar advises BIG Mega Renewable Energy on over EUR 100 million financing for the Vacareni Wind Farm in Romania
December 2025 – Kinstellar has successfully assisted the leading renewable energy developer BIG Mega Renewable Energy on an approximately EUR 100 million project financing with a syndicate of lenders for the construction and operation of the Vacareni wind farm located in Tulcea County, Romania. The financing will support the development, construction, and long-term operation of 17 wind turbines. With a total installed capacity of 102 MW, the Vacareni wind farm represents another significant milestone in BIG Mega Renewable Energy’s commitment to advancing Romania’s transition to clean and sustainable energy. The syndicate of lenders comprised Erste Group Bank, Banca Comerciala Romana, Banca Comerciala Intesa Sanpaolo Romania
Ready or not, it’s here: Transelectrica approves the grid capacity allocation procedure, effective next year
Amid market rumours (largely reflecting developers’ hopes) that the auction-based capacity allocation procedure for new power supplies to the grid would be delayed by the Romanian authorities, on 3 October 2025, CNTEE Transelectrica (the “TSO”) published on its website the Procedure for allocating electricity grid capacity for connecting electricity generation sites (the “Procedure”). The publication nonetheless came after the deadline set by the methodology on the allocation of electricity grid capacity for connecting electricity generation sites, approved by Order no. 53/2024 (the “Methodology”). I. Main rules for the allocation of capacity effective next year The main rules for the capacity allocation
NAMR draft amending Romania’s Petroleum Law with impact on concessions: two new guarantees to be provided by the titleholders
On 8 October 2025, the National Regulatory Authority for Mining, Petroleum, and Geological Storage of Carbon Dioxide (“NAMR”) has launched for public consultation a draft bill for amending and supplementing the Petroleum Law no. 238/2004 (the “Draft Law”) (Romanian version available here). Comments to the Draft Order may be submitted to NAMR by 17 October 2025. Context and main provisions of the Draft Law The Draft Law hints at strategic changes contemplated with regard to concession agreements in Romania. The statement of reasons for the Draft Law highlights the need to revisit the existing framework to ensure adequate financial coverage for restoration and environmental compliance, as well as securing
Draft biomethane legislation promises new opportunities on Romania’s energy market
Although biomethane has been regulated by Romania’s Gas Law no. 123/2012 the (“Law 123/2012”) for many years, in practice the development of projects remained blocked. The key obstacle has been the refusal of grid operators to allow the interconnection of such projects, relying on outdated wording of the legal definitions of distribution and transmission gas networks. As a consequence of the above - and given Romania’s ambitions towards achieving a share of at least 5% biomethane in the total volume of gas transported through the National Transmission System and distribution system by 2030 - the Ministry of Energy recently published for public consultation the draft Government Emergency Ordinance for the amendment
Kinstellar strengthens its Energy & Natural Resources practice in Bucharest with the hire of Counsel Raluca Gabor
Kinstellar is delighted to welcome Raluca Gabor as Counsel in its Bucharest office, further strengthening and expanding our Energy & Natural Resources practice in Romania and across the region. Raluca Gabor brings over a decade of experience advising on complex energy, natural resources and infrastructure projects, ranging from renewables, conventional electricity, onshore and offshore oil & gas, mining, natural resources and petrochemicals. In addition to Energy & Infrastructure, she also covers Corporate and M&A, with a strong emphasis on large-scale project development and regulatory compliance. Raluca’s expertise covers the full lifecycle of energy and infrastructure projects — from permitting
Kinstellar advises MVM on the acquisition of companies in Serbia
We are proud to support MVM, Hungary’s state-owned energy company, in expanding its presence in Serbia. Our Budapest and Belgrade offices jointly advised on the signing of the transaction documents for the acquisition of majority shares in Energotehnika Južna Bačka and Elektromontaža Kraljevo - raising MVM’s share from 33.4% to 60%. Energotehnika Južna Bačka and Elektromontaža Kraljevo are among Serbia’s leading energy infrastructure companies, with decades of experience and strong market reputations. This strategic move reflects MVM’s long-term commitment to the Western Balkans and strengthens its role in the region’s energy infrastructure. Serbia’s geographic position and favorable market conditions
Overview of Turkey's renewable energy market: Developing or investing in wind, solar, and energy storage projects
Turkey continues to make significant strides in its transition towards a greener energy future. In this brochure, we provide an overview of the current structure and legal framework of the renewable energy market in Turkey, including developments in wind, solar, and battery storage technologies, as well as available investment models and incentive mechanisms. Click on the image below or use the following link to read our full report. Autho rs: Edmund Emre Özer, PartnerNihal Dilan Cantürk, AssociateSimge Erdem, Legal Intern
Auction for the concession of 18 mineral perimeters launched in Romania
Romania’s National Regulatory Authority for Mining, Petroleum and Geological Storage of Carbon Dioxide (ANRMPSG) has announced a new bidding procedure for 18 exploration concessions, as outlined in Order no. 280/2025, published in the Official Gazette of Romania on 10 June 2025. This bidding round includes mineral deposits such as limestone (industrial and construction alike), dolerite, salt, lignite, coal, tar sand, polymetallic ore (including gold-silver ore), graphite and feldspar. The concession areas are primarily located in Western Romania (Caras-Severin, Hunedoara, Mehedinti, Valcea, Gorj and Bihor counties), with additional sites in Wallachia and Moldavia. Romanian and international companies interested