Vulic Law, working with Gide, has advised the International Finance Corporation on its EUR 160 million financing for Serbia's Drenik ND. Wolf Theiss's Hungarian office reportedly advised the IFC as well.
According to Vulic Law, this is the "largest green financing transaction of the IFC for a Serbian company to date. In this cross-border transaction, the IFC extended a substantial loan to Drenik ND, a major tissue paper producer and distributor in the Western Balkans with production plants in Serbia and Hungary."
Furthermore, Vulic Law reports that the financing serves "multiple purposes aimed at bolstering Drenik's operations and sustainability efforts. It supports the development of the largest captive biomass power plant in Serbia. This initiative not only ensures a stable operation and energy supply for Drenik's manufacturing facility, but also contributes to a substantial reduction in carbon dioxide emissions, aligning with global efforts to combat climate change."
The Vulic Law team included Managing Partner Milos Vulic.
Editor's Note: After this article was published, Wolf Theiss confirmed it had advised the IFC on Hungarian aspects of the deal. The firm's team included Counsel Melinda Pelikan and Associates Laszlo Lovas and Viktoria Horvath.
