Energreen Investment Europe acquires 17MW of solar in Romania

Newsroom 11/04/2013 | 06:00

Luxembourg-based investment fund Energreen Investment has acquired a 17MW photo-voltaic park in central Romania, Brasov County, amid the government’s proposal to slash incentives for renewable energy production.

Energreen has projects in Italy and Romania, but is also targeting the US, South America and Asia. The company operates some 20MW of photo-voltaic parks in Italy. The fund is looking for countries that grant incentives for renewable energy producers.

Law firm Schoenherr advised Energreen during the due diligence process and the transaction closing.

Monica Cojocaru, partner Schoenherr Bucharest, said: “Although negotiations were carried out on the backdrop of the government’s controversial initiative to amend the renewable support scheme, which exerted additional pressure, the process was conducted at a steady pace so the project could be shortly implemented.” She coordinated a team of six lawyers that worked on the deal.

Romania reached 92MW of incentivized solar capacities by February, according to grid operator Transelectrica.