Clifford Chance have advised a banking club led by UniCredit Bank Czech Republic and Slovakia on successful EUR 3.6 billion financing of Slovenské elektrárne, Slovakia’s largest electricity producer. The transaction marks the largest corporate debt refinancing in Slovakia’s history and stands as one of the most significant deals in Central and Eastern Europe region.

Slovenské elektrárne, a key player in Central Europe’s energy market, operates an impressive portfolio of energy assets, including 31 hydroelectric, two nuclear, and two photovoltaic power plants, with a combined installed capacity of 4,129 MWe. Beyond electricity production, the company plays a vital role in heat generation and providing system support services, further solidifying its position as an energy leader in the region.

Slovenské elektrárne has two shareholders. The majority shareholder is Slovak Power Holding B.V. (SPH), owning a 66%. In SPH, 50% of the share capital is owned by the Czech energy group Energetický a průmyslový holding (EPH), and the remaining 50% is owned by Italy’s largest electric company Enel. Slovak government controls 34% of SE. In December 2024, Enel and EPH signed an agreement through which EPH, as foreseen by the “early call option”, will purchase the 50% of the share capital, currently held by Enel in SPH. The closing of the transaction, expected to occur in the first half of 2025, is subject to certain conditions precedent, including regulatory approvals.

The Clifford Chance team advising on this landmark transaction was led by managing partner Miloš Felgr and counsel Dominik Vojta with support from senior associate and head of the Slovak Desk Stanislav Holec. The team further included senior associate Hana Čekalová and associate Tomáš Kubala.