Bulgaria: Schoenherr advises MET Group on acquisition of 42 MW wind park from Enel Green Power
Schoenherr advised MET Group on the acquisition of a 100 % stake in one of the biggest wind parks in Bulgaria from Enel Green Power S.p.A. The 42-megawatt wind park, operational since 2010, is situated in the Kavarna region near the Bulgarian Black Sea coast. Schoenherr acted as legal advisor on the buy-side. Merger clearance still needs to be obtained as closing is expected by the end of the year.
"It was a great achievement advising MET Group on this important transaction, especially given the complexity of the regulatory aspects involved," said partner Alexandra Doytchinova, who led the Schoenherr team. "Recent changes to the legal framework for renewable energy parks in Bulgaria, and the transition from feed-in tariff to contracts for premiums, as well as the lack of administrative and court practice on the new regime, the sensitive natural environment near the Black Sea coast, and other aspects, all added to the complexity of the deal structure."
MET Group is a Swiss-based European energy company with activities in natural gas, power and oil markets, focused on multi-commodity wholesale, trading and sales, energy infrastructure and industrial assets. MET Group is present in 14 European countries through subsidiaries, 26 national gas markets and 22 international trading hubs.
Enel Green Power is a renewable energy corporation headquartered in Rome and present across five continents in 28 countries. The company manages over 46 GW and more than 1,200 power plants.
The Schoenherr team advising MET on this transaction was co-led by Alexandra Doytchinova (partner) and Katerina Kaloyanova-Toshkova (attorney at law). The legal team further included Radoslav Chemshirov (attorney at law) who lead the due diligence and the regulatory workstreams; Dimitar Vlaevsky (attorney at law); Gergana Roussinova (associate); and Galina Petkova (attorney at law) who is in charge of the competition filings.
Memery Crystal was English counsel to MET Group.
CMS advised the seller Enel Green Power.