A&O Shearman has advised the European Bank for Reconstruction and Development, the International Finance Corporation, and Intesa Sanpaolo Bank and its subsidiaries on a EUR 99 million financing to Karavasta Solar for the development, construction, and operation of a 140-megawatt power plant and a 19-kilometre overhead transmission line located in Fier municipality, Albania. Norton Rose Fulbright reportedly advised Karavasta Solar.
Karavasta Solar is a subsidiary of Voltalia, a renewable energy company.
According to A&O Shearman, "the solar project is the biggest photovoltaic system under construction in the Western Balkans, as well as the first utility-scale solar photovoltaic project in Albania resulting from the country’s first competitive auction for solar power following the introduction of the EBRD Renewable Energy Auctions Program in Albania. According to the EBRD, the project will be a model for other facilities in the Western Balkans region."
The A&O Shearman team included Partners Miklos Kadar and Petr Vybiral, Senior Associate Jana Marsalkova, and Associates Tereza Veverkova and Jakub Roszyk.
