PwC Romania and D&B David si Baias advised CE Oltenia on the development of eight photovoltaic parks and a gas-fired power plant

27 Jul 2023

Bucharest, 26 July 2023 An integrated team of PwC Romania and D&B David si Baias, PwC's correspondent law firm in Romania, has provided financial, legal and tax advice and assistance to Complex Energetic Oltenia (CEO) in the process of selecting investors to develop partnerships for the implementation of eight photovoltaic park projects and one gas-fired power plant.

"Decarbonisation of the European Union's energy system is a key objective for achieving the 2030 climate targets, and in this context, CE Oltenia is implementing a restructuring and decarbonisation plan to become a viable company ready for the energy transition. This is the biggest transformation in the energy sector in Romania to which our team has also contributed by advising on a project of great importance for the local economy", said Dinu Bumbăcea, Country Managing Partner PwC Romania.

CE Oltenia will build four photovoltaic parks with a total installed capacity of ~450 MW in partnership with OMV Petrom, with an investment value of over EUR 400 million, as well as four photovoltaic parks with a total installed capacity of 285 MW and a 475 MW natural gas-fired combined cycle power plant in Turceni in partnership with Tinmar Energy, with an investment value of around EUR 595 million.

Photovoltaic parks receive 70% funding from the Modernisation Fund, and the funding percentage for natural gas combined cycle power plants is 50%. The Modernisation Fund financing contracts were signed by the Ministry of Energy, as the contracting authority, and the representatives of the legal entities that are beneficiaries of this funding.

Each project will be developed through a separate legal entity (SPV), in a 50-50 shareholding structure between CE Oltenia and OMV Petrom, respectively Tinmar Energy. The establishment of these SPVs was a requirement of CE Oltenia's Restructuring Plan. The PwC Romania and D&B David si Baias team provided advisory services in the process of partner selection and setting up the SPVs with the selected partners.

The PwC Romania team consisted of Dinu Bumbăcea, Country Managing Partner, Sorin Petre, Partner, George Ureche, Director and M&A Leader, Alexandru Enea, Director, Cristina Oacă, Senior Manager and Marina Pavel, Senior Manager. Anda Rojanschi, Partner, Mihaela Papandreia, Senior Lawyer, and Sonia Voinescu, Senior Lawyer, were part of the D&B David si Baias team that provided legal assistance to the project.

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About D&B David şi Baias

D&B David și Baias is the PwC connected law firm in Romania and is part of the international PwC Legal network with more than 3.000 lawyers in over 90 countries. D&B David și Baias team is formed by 50 lawyers (including 8 partners) and provides legal advice and assistance to local and multinational companies in areas such as: mergers, acquisitions and restructurings, companies and groups of companies, real estate, competition and state aid, financial services and capital markets, labour relations and human resources, intellectual property, consumer and personal data protection, tax and commercial disputes.

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Dinu Bumbăcea, Country Managing Partner PwC Romania.

Dinu Bumbăcea
Country Managing Partner
PwC Romania.

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