Schoenherr advised Kommunalkredit Austria AG ("Kommunalkredit") on granting a EUR 25m loan to INVL Renewable Energy Fund I ("INVL") to finance the construction of solar power plants with a total capacity of 51 MW in Romania. This is the first Romanian project in INVL's pipeline to reach the ready-to-build phase.
Schoenherr acted as lead counsel to the lender for Austrian and Romanian law, with Sorainen acting as local counsel in Lithuania. The firm's Vienna and Bucharest banking & finance teams worked together to provide integrated legal advice to Kommunalkredit.
"We are happy to have been alongside Kommunalkredit in this financing, which contributes to the development of renewable energy production capacities in Romania," said Schoenherr Bucharest counsel Adina Damaschin. "As the country's renewables sector remains on a growth path, we trust it will continue to attract interest from strong international lenders."
"Fuelled by the growing focus on sustainability and ESG considerations, sustainable financing has gained traction in recent years," Schoenherr partner Martin Ebner added. "This trend is also mirrored by our substantial lending practice across CEE, where projects that cover all facets of ESG continue to be appealing to financial institutions."
Kommunalkredit is a specialist for infrastructure and energy financing. Together with its customers as partners, the bank creates values that continuously improve people's lives. In doing so, it facilitates the construction and operation of infrastructure facilities by balancing the financing needs of project sponsors and developers with the growing number of investors looking for sustainable investment opportunities. The main investment segments are energy & environment, communications & digitalisation, transportation, social infrastructure and natural resources.
Established in 2021 by INVL Asset Management (part of INVL, the leading Baltic investment management and life insurance group), the INVL Renewable Energy Fund I is a sub-fund for professional investors. It invests in early- and mid-stage renewable energy projects (solar and wind), including the construction of new power plants, the development and/or acquisition of the infrastructure necessary for the operation of power plants, and effective management of existing power plants in the European Union and member states of the European Economic Area.
The Schoenherr team advising Kommunalkredit was co-led by Adina Damaschin (counsel, Bucharest) and Martin Ebner (partner), and included Alexandra Pop (senior attorney at law, Bucharest), Loredana Barbu (attorney at law, Bucharest) and Nikolaus Müllner (associate, Vienna).
The information provided by KomuniK
Deloitte Romania assisted AQUILA, leader in the integrated distribution and logistics services for the fast-moving consumer goods market in Romania and the Republic of Moldova, in the acquisition of Romtec Europa, the company that produces car care fluids and aerosols. The transaction, valued at 3.2 million euros, was signed in December 2023 and completed recently, following approval from […]
CBRE Romania, the leader in providing commercial real estate services, launches an analysis regarding the business potential and alternative investment and development opportunities in Timiș County. According to the analysis, Timiș stands out as a vital centre of Romanian agriculture, ranking first in agricultural area with 693.034 hectares and second in organically cultivated land area. […]
By the end of 2024 the stock of modern retail spaces will overpass 4.5 mln. sq. m setting a new record for Romania. Circa 186,000 sq. m could be added to country’s modern retail stock if taking into consideration under-construction projects. The popularity of the specialized format is noticed in the forecasted developments, claiming 95% […]
The average office fit-out costs have increased by around 15-20% during the past 12 months, but they still remain among the lowest in the Central and Eastern Europe (CEE), according to data from the Cushman & Wakefield Echinox real estate consultancy company. With an average level of €943 per sq. m of office space, the […]
Romania is present at the 10th edition of the EU-Startups Summit in Malta, the biggest event for tech startups in Europe, through RoTechMission, a delegation organized by DiFine PR, Techcelerator and ROTSA (Romanian Tech Startups Association). More than 2,000 people, including 1,000 entrepreneurs and 300 investors, will attend the event, which takes place from May […]
AeroVacanțe, part of the Aerotravel group, is betting in 2024 on new destinations, more accessible for Romanians, as a result of the growing demand for holidays in new destinations untouched by mass tourism. Thus, the agency introduces for this summer 14 charter flights to Lesbos, the third largest island in Greece, where the costs of […]
