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Kinstellar advises Zen Energy Group on up to EUR 87 million financing for the Traian Wind Farm in Romania
Kinstellar has successfully assisted Zen Energy Group on an up to EUR 87 million project financing with a syndicate of lenders for the development, construction, and operation of the Traian wind farm located in Traian and Tudor Vladimirescu communes, Braila County, Romania. The financing which is subject to fulfilment of the customary conditions precedent will support the development, construction, and long-term operation of a wind project with a total installed capacity of 78 MW. The Traian wind farm represents another significant milestone in Zen Energy Group’s commitment to advancing Romania’s transition to clean and sustainable energy. The project benefits from a Contract for Difference (CfD) mechanism, having
Regional report: Energy and natural resources trends in the CEE, SEE, Central and Southeast Asia for the year 2026
We are excited to release the second edition of the Report | Energy and Natural Resources Trends in the CEE, SEE, Central and Southeast Asia for the year 2026. This report provides an overview of the latest and upcoming developments in the energy and natural resources sector, with a particular focus on opportunities and advances in renewable energy, battery energy storage systems, hydrogen, nuclear energy, and oil and gas. It is tailored to the specific energy landscape of Austria, Bulgaria, Croatia, the Czech Republic, Hungary, Kazakhstan, Romania, Serbia, Slovakia, Turkey, Ukraine, Uzbekistan, as well as Cambodia and Vietnam, in collaboration with our sister law firms there. Through this report, we aim to provide
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 Repono on the acquisition of a battery energy storage project in Arges County, Romania
Kinstellar is pleased to announce that it has advised Repono, a Sweden-based pan-European energy storage operator, on its acquisition of a 202 MW/404 MWh (2.0 h) standalone battery energy storage system (BESS) project located in Arges County, Romania. The project, developed by a Bucharest-based renewable energy developer, is ready-to-build and benefits from an existing grid connection contract with Transelectrica at the 220 kV Pitești Substation. Once operational, it will play a pivotal role in enhancing grid stability, balancing renewable generation, and advancing both Romania’s and the EU’s decarbonisation goals. The transaction was led by Iustinian Captariu, Head of firm-wide energy sector, with Ioana Criste
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 announces new Office Managing Partner in Bucharest – Iustinian Captariu to take over leadership as of 1 September 2025
Kinstellar is pleased to announce that, effective 1 September 2025, Partner Iustinian Captariu has been appointed as the new Office Managing Partner of the Bucharest Office. He succeeds Victor Constantinescu, who has successfully led the office for six years and will focus on further strengthening the firm’s Real Estate practice, where he serves as firm-wide co-head, as well as contributing to the Bucharest Office and broader strategic initiatives in the Firm. Iustinian has been with Kinstellar since its inception, having previously worked with Linklaters. He heads the firm-wide Energy sector and service line, as well as the local Energy and Competition service lines. He is also a member of the Firm’s Management
Romania adopts first set of investment screening guidelines
On 30 July 2025, Romania enacted its first set of guidelines dealing with investment screening aspects (the “Guidelines”), generally codifying authorities’ practice so far and views on particular aspects. The Guidelines were adopted by the Romanian Competition Council (“RCC”), which hosts the secretariat of the Commission for the Screening of Foreign Direct Investment (the body entrusted with carrying out the screening of investments). The RCC is also entrusted with issuing the national security clearances for non-problematic cases. A draft of the Guidelines was initially launched into public consultation by the RCC in mid-February 2025 and interested parties had until 11 March 2025 to provide feedback. The publication
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
Romania fine tunes procedure on treating allegedly privileged communication during dawn raids
The Romanian Parliament has amended Competition Law no. 21/1996 (the "Competition Law") through Law No. 111/2025 approving Government Emergency Ordinance No. 99/2024, amending and supplementing certain legislative acts in the field of competition ("Law 111/2025"). Effective 26 June 2025, the Romanian Competition Council (the "RCC") has received refined procedural guidance for handling communications claimed to be protected by legal professional privilege ("LPP") during dawn raids. Law 111/2025 amends, among others, Art. 38 paras. (9) and (11) of the Competition Law, replacing the July 2024 version, itself introduced to fix a highly questionable earlier formulation which had controversially allowed RCC inspectors to read
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