Glodeanu & Partners has advised ReneSola Energy on the sale of its two Romanian solar parks to Alternus Energy. Nestor Nestor Diculescu Kingston Petersen reportedly advised Alternus Energy on the deal.
The two solar parks have a combined capacity of 15.4 MW. The transaction is expected to close in the first quarter of 2021.
Alternus Energy Group owns and operates a portfolio of utility-scale solar photovoltaic parks that connect directly to national power grids. The company, which is headquartered in Dublin, has operational solar parks in Germany, Italy, Romania, and the Netherlands. ReneSola was founded in 2005 and listed on the New York Stock Exchange in 2008, entering Romania in 2012.
The two ground-mounted solar projects acquired by Alternus include a 9.4 MW solar park located in the municipality of Costestii din Vale, in Romania's Dambovita county, and a 6 MW solar park located in the municipality of Dumbrava, in Prahova county. The 9.4 MW plant is operated by Ecosfer Energy SRL, and the 6 MW plant is operated by Lucas Est SRL. Both Ecosfer Energy and Lucas Est SRL are special purpose vehicles that have been set up for the purpose of managing the construction and operation of the solar plants.
Alternus Energy's acquisition of the two projects will be funded by the proceeds from the senior secured green bond and equity that it has recently issued.
"The proceeds from the sale of the operating assets will enable us to generate strong cash flow, realize profits and further strengthen our financial position," said ReneSola Power CEO Yumin Liu. "We have a strong pipeline of project activity. We look forward to pursuing other opportunities to develop, build and monetize solar projects globally, and believe our strategy resonates well with the development trend of solar energy."
The Glodeanu & Partners team included Co-Managing Partner Ciprian Glodeanu and Partner Mihaela Ciocirlea.