Allen & Overy (A&O) has advised CMC Europe, a member of the Genertec International Group, on the sale of its solar plants in Kaposvár, Hungary, with a combined capacity of 100 MWp, to MVM Green Generation Ltd., a subsidiary of MVM Group, the state-owned Hungarian energy company.
The transaction, which closed on 7 December 2023, is one of the largest deals in the Hungarian renewable energy sector and marks a significant milestone in the country’s green transition.
CMC Europe is one of the largest companies in the renewable sector in Hungary, developing, investing in, designing, building and operating renewable projects. It has a strong presence in several other European countries, such as Romania, Poland, Bulgaria, Italy and Spain, where it plans to launch new EPC and investment projects in the coming year.
MVM Group is the largest energy company in Hungary, with a diversified portfolio of power generation, transmission, distribution, trading and supply activities. It is committed to increasing its renewable energy production capacity and reducing its carbon footprint, in line with the EU’s climate and energy goals.
Balazs Sahin-Toth, counsel at Allen & Overy said: “We are delighted to have assisted CMC on this landmark transaction, which showcases the attractiveness of the Hungarian solar market for both domestic and foreign investors. We congratulate CMC on the successful development and operation of this impressive asset and wish MVM Group all the best in expanding its renewable energy portfolio. This deal also demonstrates Allen & Overy’s leading position in the CEE renewable energy sector, where we have advised on several high-profile transactions in recent years.”
The Allen & Overy team was led by counsel Balazs Sahin-Toth and senior associate Dániel Rácz, with support from associate Judit Ban. They advised CMC on all aspects of the transaction, including the negotiation of the sale and purchase agreement, the regulatory and environmental matters, the due diligence process and the closing arrangements.
