BOYANOV & Co. Advised OTP Bank Plc and DSK Bank AD on a Club Deal Financing of MET Renewables AG
BOYANOV & Co. advised OTP Bank Plc (Hungary) and DSK Bank AD (its Bulgarian subsidiary) on a EUR 27.6 million club deal financing of MET Renewables AG (Switzerland) for the acquisition from Enel (Italy) of a 42MW wind park in Northeast Bulgaria (one of the first and largest wind power plants in Bulgaria). MET Group is an integrated European energy company, headquartered in Switzerland, with activities in natural gas and power, focused on multi-commodity wholesale, trading and sales, as well as energy infrastructure and industrial assets.
BOYANOV & Co. acted as Bulgarian legal counsel for the lenders on all Bulgarian law aspects of the financing, including legal due diligence of the target, Bulgarian law governed security, its creation and perfection and on tax aspects of the financing transaction. Mayer Brown LLP (UK office) acted as English legal counsel to the lenders.
The financing was successfully closed on 29 June 2021.
BOYANOV & Co.’s team was led by finance partner Damian Simeonov and included finance senior associate Ralitsa Nedkova and other partners and associates.
A Specialised Lending Expert of OTP Bank plc, Special Project Loans Department stated, on behalf of the entire OTP Group team, the following on the transaction:
“BOYANOV & Co. served as the legal advisor to OTP Group in relation to a EUR 27.6 million refinancing provided to MET Group for the acquisition of Enel Green Power Bulgaria. Given the complexity and cross-border nature of the transaction – which is in fact one of the most noteworthy assets on the Bulgarian wind power plant map – the role of the legal advisors was truly pivotal to make the successful closing happen.
Apart from providing practical legal assistance and continuously chasing for the most time-efficient solutions throughout the whole transaction, BOYANOV & Co. also paid crucial attention to offer alternatives that gave sufficient comfort to the banks, which was a true value-added as we were marching towards utilisation.
It has been a pleasure for us at OTP Group to have BOYANOV & Co. as the lenders’ Bulgarian law advisor in this deal. The legal assistance provided is highly appreciated and we would be happy to work with the team of BOYANOV & Co. again in the future should the opportunity arise.”
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