Tuca Zbarcea & Asociatii has confirmed that it acted for the Japanese Marubeni Corporation in its joint venture with Romanian state-owned power producer ELCEN to build a 250 MW gas-fired electricity plant in the central Romanian county of Mures.
The project — worth roughly EUR 170 million — was previously reported by CEE Legal Matters on July 30.
The Japanese company will control 90% of the newly formed company – SC Fantanele Gas Power – and it will bring an in-kind contribution of 30% to the share capital of the JV, with the rest stemming from loans. The SC Fantanele Gas Power will operate as an independent power producer (IPP) and is expected to connect to the grid in 2017. ELCEN will contribute with the land required for the development of the project and access to utilities.
“Fantanele is our first infrastructure investment project in Romania and we are delighted to have reached this development phase which is part of our long-term strategy towards playing a more significant role in the Central and Eastern Europe region,” said Hiroshi Tachigami, President of Marubeni Europower. “Marubeni Europower seeks to expand its presence in Romania and this pilot project demonstrates the stability, safety and functionality of an energy market that aims to become independent. We will make every effort to successfully complete this investment with our partners and are trustfully looking forward to having a close cooperation with the authorities involved in financing the project according to the specific international rules and standards,” he added.
The Tuca Zbarcea & Asociatii team was led by Partner Sorin Vladescu.