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Insights February 2024

Significant changes envisaged to grid connection for new power-generation capacities in Romania

The Romanian Energy Regulatory Authority (“ANRE”) has announced important amendments to the rules for connecting new power-generation capacities to the public network. On 1 February 2024, ANRE released for public consultation a draft order (“Draft Order”) regarding the approval of the Methodology for capacity allocation of new power-generation capacities (the “Methodology”) as well as other amendments to ANRE Order no. 59/2013 approving the public grid connection regulation (the “Connection Regulation”). Comments to the Draft Order may be submitted to ANRE by 1 March 2024. The main changes introduced under the Draft Order concern (i) a change of the grid connection process applicable to power-generation

Deals January 2024

Kinstellar advises Evelixon Trading in two transactions in the Serbian wind power sector

Kinstellar advised Evelixon Trading Limited on the acquisition of a 100% share in the project company Grand Wind Park from Windvision Serbia Holding. The project, known as the WN NBT WIND 1 wind farm, is currently in the early stages of development. Located in the city of Pančevo, the farm is planned to have an installed power capacity of 120 MW. Evelixon Trading Limited has a few projects in their portfolio in Serbia in the early stages of development or nearing "ready-to-build" status. Kinstellar’s team provided comprehensive legal advice throughout the transaction – performing a legal due diligence, drafting the transaction documents - including the SPA, and assisting with the signing and closing processes.

Insights January 2024

Attention, Real Estate Developers and Energy Professionals in Hungary! The legal framework of the world behind the meter has arrived!

As of 1 January 2024, material amendments to several Hungarian energy laws have come into effect, including, among others, the Hungarian Electricity Act (Act LXXXVI of 2007), which has been significantly changed. These changes materially affect decentralised (local) power generation, which has been a focus of the real estate industry in recent times. Below we provide an overview of the main changes in Hungary that may facilitate local power generation, storage, and procurement from electricity sources other than power traders. The long-awaited change to the concept of a private power distribution line (in Hungarian: magánvezeték), based on the EU’s definition of a “closed distribution system,” ensures the appropriate

Deals December 2023

Kinstellar advises Genesis Capital on the sale of SANBORN

Kinstellar’s Prague office has successfully advised Genesis Private Equity Fund III (GPEF III), from the established private equity group Genesis Capital, on the sale of SANBORN, a key supplier of precision components and specialised parts for the power generation, oil & gas and transportation industries, to industrial group Oriens.  Sanborn manufactures and supplies critical components for the world’s leading manufacturers of generators and turbines, energy companies and transportation, mainly from special steel alloys. The company’s key clients include leading international industrial conglomerates such as GE, Siemens, Wabtec, Technip FMC, and OneSubsea. The company expects revenues in 2023 of over CZK

Deals December 2023

Kinstellar advises Chinese investors on Serbian wind farm venture

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)

Deals November 2023

Kinstellar, Gen Temizer | Özer advise British Petroleum (bp) on the sale of its downstream business in Türkiye

Kinstellar, Gen Temizer | Özer have successfully advised British Petroleum (bp) on the sale of its downstream business in Türkiye to Petrol Ofisi, Vitol’s Turkish subsidiary. The transaction is the most significant oil & gas deal of recent times in Türkiye and is expected to close in 2024, subject to, inter alia, anti-trust approval. The team was led by Partner Baran Gen and supported by Counsel Mert Elçin, Senior Associate Şeyma Olğun and Associates Sıla Özge Şaylı, Dilara Demir and Osman Tuğberk Çakırca. The firm’s anti-trust team was led by Partner Bulut Girgin and Associates Orçun Horozoğlu and Simru Tayfun. The global law firm Ashurst LLP acted as English counsel to bp. Partner

Insights November 2023

Slovakia: Subsidies for the construction of Renewable Energy Sources

Are you considering building your own Renewable Energy Source ("RES") in order to reduce your electricity costs, comply with internal ESG policies, or for any other reason? If so, you may find this overview of currently available subsidies to entrepreneurs in Slovakia for the construction of RES helpful. Currently, there are two opened calls for the submission of applications for state aid in the total amount of EUR 94,554,298. We provide an overview of key information on such aid below. Overview Call   Call for the submission of applications for funds from the Recovery and Resilience Facility to support the construction of new facilities for the production

Deals November 2023

Kinstellar advises PowerChina on the acquisition of a 300 MW wind farm in Serbia

Kinstellar has successfully advised PowerChina on the acquisition of a majority shareholding interest (51%) in Vetrozelena, a project company developing a 300 MW wind farm in Serbia under a RtB (ready to build) model. The Vetrozelena project is a 48-turbine wind farm located in Pančevo, in the autonomous province of Vojvodina in the northern part Serbia. The deal, which was signed in April 2023 and closed in November 2023, is currently the largest acquisition in the Serbian renewables sector. With this transaction, PowerChina further broadens its worldwide reach by entering the Serbian renewable energy sector. The seller was CWP Europe, a joint venture between the renewable energy investor CWP Global and the

Insights November 2023

Renewable Energy – Simplified legislation in favour of national interest projects and state entities in Romania

On Friday 27 October 2023, GEO 91/2023, regarding certain measures related to the exercise of the state's public and private property rights, as well as the efficient administration of state properties and the amendment of some normative acts (“GEO 91/2023”), entered into force. Among others, by means of GEO 91/2023, long-criticised measures that substantially favour state entities and national interest projects have been enacted.  The main amendments brought by GEO 91/2023 with potential high impact on the renewable energy sector: It is now easier for state entities to develop projects located outside a buildable area for surfaces exceeding 50 ha and for national

Deals November 2023

Kinstellar advises on the reverse takeover of a company listed on the London Stock Exchange

Kinstellar’s Prague office has successfully advised the Czech company Mineral Ventures Invest spol s r.o. (“MVI”)—the sole domestic investment gold seller with its own gold mine—on a reverse takeover transaction (RTO) involving the acquisition of the majority of shares in Irish mining and exploration company IMC Exploration Group PLC (“IMC”), whose shares are listed on the prime market of London Stock Exchange (LSE). In this intricate deal, MVI—part of the private Czech holding group Holding Zlato—has become the majority owner of MIC. As consideration for the newly issued shares, IMC has acquired ownership interest in MVI through its Armenian subsidiary, which owns a mining license for a gold mine in

News October 2023

Energy sector expert Balázs Tomaj joins Kinstellar’s Budapest office 

Kinstellar is delighted to announce that Balázs Tomaj, a seasoned legal practitioner in Hungary’s energy sector, has joined the firm’s Budapest office as a Senior Counsel. With a longstanding and notable career in the energy sector, Balázs brings a wealth of experience and knowledge, further enhancing the firm’s capabilities to serve its clients in this ever-evolving sector. With over 15 years at the largest Hungarian energy companies and law firms, Balázs has established himself as a trusted legal expert in the field. His deep understanding of energy regulations and industry trends is an invaluable asset for our firm and our clients. He will play a leading role in strengthening our capabilities in the energy

Insights October 2023

Joint study of the Romanian Competition Council and Romanian Energy Regulatory Authority identifies grid connection barriers and issues recommendations

The Romanian Competition Council (RCC) continues to focus on the energy markets, not only through investigations and merger control analysis, but also by carefully reviewing the markets through sector inquiries and studies. Given Romania’s declared interest in considerably bolstering its renewable energy capacities in the short term—which is also supported by EU funds and the Contracts for Difference (CfD) support scheme in the pipeline, renewables have recently been high on the RCC’s agenda. Roughly two months after publishing its preliminary conclusions following its study on permitting bottlenecks in the renewables sector (see our previous article here), the RCC has now teamed up with the Romanian Energy Regulatory