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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
Bulgaria’s long road to NIS2 is over
Across most of the European Union, the NIS2 Directive has already become operational reality. Bulgaria’s path to transposition, however, has been materially delayed. The Cybersecurity Act amendments intended to implement the NIS2 Directive were first submitted to the Parliament in September 2024, passed at first reading in February 2025 and reached final adoption in February 2026, with the new framework entering into force on 17 February 2026. This delay has consequences that go beyond the mere legal uncertainty. While Bulgaria was still preparing its implementation framework, in January 2026 the European Commission proposed a new EU cybersecurity package, including amendments to the NIS2 Directive and a draft Regulation
Kinstellar advises Rivean Capital on Austrian-law aspects of its majority investment in Engelmann Sensor
Kinstellar has provided legal advice to Rivean Capital in connection with its acquisition of a majority stake in Engelmann Sensor (“Engelmann”) from funds managed by DPE Deutsche Private Equity. Engelmann, headquartered in Germany, is a leading international provider of smart submetering solutions for heat, cooling and water consumption. With Rivean Capital as its new strategic partner, Engelmann aims to further expand its international footprint, drive product innovation and strengthen its operational capabilities. Kinstellar advised Rivean Capital on all Austrian-law aspects of the transaction. The team was led by Philipp Kapl (Partner, M&A) with key support from Agnes Lackenberger (Senior Associate
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
Kinstellar advises Enery on the acquisition of one of the largest BESS projects in Central and Eastern Europe
Kinstellar has successfully advised Enery on its acquisition from Most Energy of a battery electricity storage system (BESS) project in Bulgaria, with a total installed energy capacity of 600 MWh - one of the largest such projects under development in Bulgaria and Central and Eastern Europe. Enery is an independent power producer engaged in acquisition, development, construction, and operation of large-scale renewable and storage assets, and multi-market trading activities across Central and Eastern Europe. Our Sofia team supported the client throughout the entire transaction, providing advice on energy regulatory, real estate, and construction matters, as well as corporate, tax, antitrust and competition issues
Guidance on FDI screening obligations in Austria
The Austrian ministry responsible for Foreign Direct Investment (FDI) matters, the Federal Ministry for Economy, Energy, and Tourism (“the Ministry”), recently released guidance on the assessment of the filing obligation for foreign direct investments in Austria. In particular, it provided clarification on the scope of critical infrastructure and offered information regarding the acquisition of key assets, controlling influence, as well as the micro-enterprise exemption. In general, Austrian FDI rules apply to foreign direct investments into Austria by non-EU, non-EEA, and non-Swiss persons or undertakings. The Austrian FDI regime applies when such persons or entities acquire an Austrian undertaking, obtain 10%
NIS2 and the New Serbian Law on Information Security
The Republic of Serbia has adopted a new Law on Information Security (Zakon o informacionoj bezbednosti) (“Serbian NIS2”), marking a significant reform of the national cybersecurity framework and alignment with the EU NIS2 Directive. The Serbian NIS2 broadens the range of regulated entities, strengthens institutional coordination, and introduces clearer obligations for organisations operating ICT systems of special importance. Secondary legislation is expected in 2025–2026, and the previous law remains partially applicable until the end of 2025 to secure continuity during the transition period. This article provides an overview of the key novelties introduced by the Serbian NIS2, together with an outline of the
Kinstellar advises CEMEX on the acquisition of two mining areas in the Czech Republic
Kinstellar has successfully advised CEMEX, a global building materials company, on the acquisition of two mining areas in the Czech Republic. Our team provided full-scope legal advice, including transactional structuring, and regulatory support related to the transfer of mining rights. The transaction further demonstrates our experience in advising on complex acquisitions in the natural resources sector in Central and Eastern Europe. Kinstellar’s team was led by Petr Hrnčíř (Partner) and Luděk Chvosta (Partner), with key support from Michal Janíček (Counsel), Matěj Bolek (Managing Associate) and Matěj Korduliak (Associate).
Kinstellar advises on landmark PV acquisition financing in Slovakia
Kinstellar is proud to have advised UniCredit Bank on the successful provision of acquisition financing and long-term refinancing for Slovakia’s largest operational photovoltaic (“PV”) portfolio, comprising 32 photovoltaic power plants strategically located across the country with installed capacity of 35 MW. The transaction marks a significant milestone in the Slovak renewable energy sector, with Austrian-based Enery—a leading independent green power producer in Central and Eastern Europe—acquiring the portfolio from ContourGlobal (51%) and Energy Infrastructure Partners (49%). Kinstellar provided comprehensive legal support to UniCredit Bank, which acted as the lender for both the acquisition financing