Vlasceanu & Partners has ensured the legal assistance to Ratesti Solar Plant, company owned by Econergy group and Nofar group, in securing EUR 60 million from Raiffeisen Bank International and Raiffeisen Bank Romania in order to finance part of its 155 MW solar project in Ratesti, Romania, out of a total investment cost of €102 million.

Ratesti is Romania’s largest solar project, developed on an area of 170 ha, with a total installed capacity of 155 MW, expected to produce yearly 220 GWh of electricity. The project has successfully concluded its construction and grid connection phases, with the energization process recently finalized.

Loredana Vlasceanu, the partner coordinating the project mentioned: “We are thankful to Econergy, our longstanding client, for entrusting us with this project and counting on our assistance for ensuring the legal compliance for this project and the rest of their Romanian portfolio. The approval of the financing by Raiffeisen proves the robustness of the project from all perspectives, the expertise of the team involved in carrying out the project, as well as the solidity of the Romanian renewable energy market. We are pleased to note that RES projects are now supported not only by foreign financing entities but also by Romanian banking institutions, and we are optimistic on the continued growth in banking financing rates for such projects.”

The team providing legal assistance for the financing included Loredana Vlasceanu, partner, Mihaela Farin, Senior Associate and Sorina Viziru Associate. The borrower was also assisted from English Law perspective by Dr Marcell M Nemeth LL.M of Wolf Theiss Vienna, while the Lenders have been assisted on English and Romanian law matters for this project by CMS Romania, under the coordination of Ana Radnev, Partner – Head of Finance.