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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
Kinstellar advises Mitiska REIM on the strategic acquisition of OC Cassovia in Eastern Slovakia
We are proud to announce that Kinstellar’s team in Slovakia acted as lead legal counsel to Mitiska REIM on the acquisition of OC Cassovia, one of the largest retail centres in Eastern Slovakia, located in the city of Košice. The transaction was completed on behalf of the MEREP 3 fund, in partnership with local asset manager Asset Services, and with the European Bank for Reconstruction and Development (EBRD) as co-investor. This marks another strategic milestone in Mitiska REIM’s expansion on the Slovak market. OC Cassovia is a well-established regional shopping centre offering nearly 23,000 sqm of gross leasable area, 1,200 parking spaces, and an excellent location within a growing retail zone in the southern
Lifting financial assistance prohibition in Slovakia by allowing whitewash procedure
Effective 1 March 2024, financial assistance, i.e., the so-called whitewash procedure, is allowed for joint-stock companies, subject to certain conditions. Previously, such financial assistance was completely prohibited for joint-stock companies. No other types of companies in Slovakia were subject to this limitation. 1. What is the whitewash procedure? Financial assistance is defined as granting advance payments, loans or credits by a target company for the purpose of acquiring its shares and granting security by such company for this purpose. The financial assistance rules apply also for establishment of pledge over the company’s own shares as well as for acquiring, subscribing or establishing a pledge
Proposed new merger rules in Slovakia
The Government of the Slovak Republic has introduced a draft law on the conversions of companies and cooperatives (the Draft Law) that implements EU Directive 2019/2121, amending Directive 2017/1132 with regard to cross-border conversions, mergers and divisions (the Directive). The Draft Law aims to create a unified, comprehensive and clear legal framework for both domestic and cross-border mergers, divisions and changes of legal form, which should completely replace the current legal framework contained in the Slovak Commercial Code. The Draft Law, which is proposed to take effect 1 March 2024, is currently in the early stage of the legislative procedure, and therefore the final wording of the legislation may differ from