Dentons has advised the Green for Growth Fund (GGF) on its first equity investment in a wind farm in North Macedonia. Dentons advised GGF on the English law subscription and shareholders’ agreement, with support from a local law firm on North Macedonian law aspects.
GGF invested €3.5 million in Thor Impex d.o.o. Skopje, to partially fund the construction and operations of a 36MW wind farm near Bogoslovec, North Macedonia, teaming up with the majority shareholder, BNB Kompani which operates five hydropower plants. The project is expected to generate enough green electricity to supply over 20,000 households, reducing CO2 emissions by 80,000 tons per year. The project also received €51 million in financing from a syndicate of banks arranged and structured by Erste Bank.
The Bogoslovec project is directly aligned with the GGF’s sustainable investment objective and will directly contribute to the implementation of North Macedonia’s Renewable Energy Action Plan, which aims to reach a 50% share of renewable energy in electricity production by 2024.
Istanbul-based Corporate partner Nadia Cansun led the transaction, supported by senior associate Merve Akkus.
