CMS has advised Public Power Corporation SA (PPC) on the strategic Cooperation Framework Agreement (CFA) for the development and construction of almost 90 solar projects of up to 2000MW in Romania, Italy, Bulgaria, and Croatia. The value of the deal is estimated at up to EUR 2 billion and is expected to be implemented over the next three years.

The 90 solar projects are owned by MYTILINEOS Energy & Metals in Romania (516 MW), Italy (503 MW), Bulgaria (500 MW) and Croatia (445 MW) and are at various stages of development.

With this new agreement, PPC Group will acquire RES projects in three new countries and expand its presence in Romania, while MYTILINEOS will undertake the development and construction of the projects, which will then be acquired by PPC Group upon completion of their connection to the electricity grid.

The agreement is an important milestone for the energy transition, with the projects expected to provide power for 320,000 households and displace 3.4 million tonnes of CO2 emissions.

Horea Popescu, managing partner of CMS Romania and Head of CEE Corporate M&A, commented: “We are delighted to have advised PPC on this landmark deal, which strengthens its leading position in the European renewable energy sector and its ambition to promote green electricity generation and energy storage projects. We were able to rely on our unique renewable and cross-border transactions expertise to advise PPC throughout this complex transaction.”

This agreement follows the successful acquisition by PPC Renewables, a wholly owned subsidiary of PPC, of an 84-MW operational wind farm in Romania from Lukoil Group last month, which CMS has also advised on.

Horea Popescu and Mircea Moraru from Romania led the team who advised PPC. They were assisted by Veliko Savov from Bulgaria.