International law firm CMS has advised global energy company Iberdrola on the agreement to sell Eolica Dobrogea One wind company, their Romanian 80MW wind energy production facility, to Premier Energy Group, for EUR 88m. This deal marks Iberdrola’s full exit from the Romanian market, as part of their strategic plan to divest non-core assets. The transaction is subject to the standard regulatory approvals.
With more than 180 years of history, Spanish-based Iberdrola is a leading wind power producer and one of the largest electricity companies in the world in terms of stock market capitalisation.
Horea Popescu, Managing Partner of CMS Romania and Head of CEE Corporate M&A, commented: “We are pleased to have supported Iberdrola on the disposal of its renewable energy assets in Romania, marking its exit from the local market. For CMS, this is the most recent transaction in a long line of renewable energy deals and demonstrates yet again our deep sectoral expertise and bench strength when it comes to handling complex energy M&A transactions. As a leading renewable energy company, Iberdrola aims to support energy transition to greener resources, an objective close to CMS’s own mission, and we look forward to following its journey in realising its strategic plan.”
Mircea Moraru, Corporate M&A Counsel of CMS Romania, added: “This is a significant disposal for Iberdrola, and we are delighted to have acted on this transaction, which required a huge effort and commitment from all teams involved. It has been a privilege to have worked with Iberdrola’s team to deliver this complex deal.”
The CMS team was led by Horea Popescu and Mircea Moraru (Corporate M&A), and included Horia Draghici and Andrei Cristescu (Commercial); and Andrei Tercu (Tax).
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About CMS
Founded in 1999, CMS is an integrated, multi-jurisdictional organisation of law firms that offers full-service legal and tax advice. With over 75 offices in over 40 countries across the world and more than 5,800 lawyers, CMS has long-standing expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.