Dentons has advised an affiliate of the Neo Energy Group on the sale of 100 percent of the shares in two companies that are developing wind farm projects in the Opole province with an expected total capacity of approximately 500 MW. Once operational, these will be the largest onshore wind farms in Poland, with more than twice the capacity of any other project currently in operation.
ZE PAK will acquire 99 percent of the shares in the companies, with the remainder going to PAK-Polska Czysta Energia, with an option for the latter company to increase its stake in the project. The buyers will pay a total of up to €111.2 million for the acquired shares. The agreement also provides that the purchasers will enter into agreements with a company of the Neo Energy Group for the development of the project to the ready-to-build (RTB) stage by the end of 2030, the value of which is estimated at a maximum of €160 million.
The actual amounts for the acquisition of shares and further development of the projects will depend on the final parameters of the projects. Furthermore, depending on the final parameters of the projects, the rights and obligations of the seller and the buyer are further secured by an agreement providing for the right to sell or buy back shares in the project companies or individual parts of the projects.
Neo Energy Group is a developer and operator of renewable energy sources and part of the Neo Investments holding company, which has been active in the RES market for twenty years. The company’s core business is the development, construction and sale of renewable energy projects. Neo Energy Group’s portfolio of investments includes photovoltaic installations, wind farms, biogas plants, as well as energy storage projects. The total capacity of all projects in the Group’s portfolio is 4.8 GW. Neo Energy Group also owns and operates one in four landfill biogas installations in Poland, which generate more than 75 percent of the electricity produced by all such plants in the country.
Dentons provided the seller with comprehensive transactional and regulatory advice. The team was led by partners Marceli Kasperkiewicz from the Corporate and M&A team, who specializes in renewable energy transactions, and Christian Schnell, Head of the Energy and Resources team in Poland and Co-Head of the Energy group in Europe. Dentons’ team also included senior associate Katarzyna Kozak and associate Martyna Oziembała from the Corporate and M&A team, as well as Joanna Świostek (counsel) from the Energy and Natural Resources team.
