Schoenherr has advised ContourGlobal erneuerbare Energie Europa GmbH on the sale of its solar energy business in the Czech Republic to China Central and Eastern Europe Investment Co-operation Fund SCS SICAV-SIF via CEE Equity Partners Ltd.
The deal was structured as a share deal with the buyer acquiring three solar power plants with a total capacity of 6.0 MWp in the Czech Republic. The closing of the transaction took place in November. The financial terms of the transaction will not be disclosed.
“The transaction illustrates the growing influx of Chinese investment into the renewable energy sector and is a positive sign for solar energy business in general,” said Schoenherr Czech partner Vladimír Čížek, who advised ContourGlobal on this transaction.
Schoenherr was lead counsel to ContourGlobal and its enterprises in the Czech Republic. ContourGlobal L.P. is an international power-generation company with approximately 4,200 MW in operations in 20 countries and on three continents. The company’s 2000 employees operate a portfolio of 61 thermal and renewable power plants utilising a wide-range of technologies.
Polish-based CEE Equity Partners Ltd is the investment advisor to the China-CEE Fund with committed funds of USD 435m. The China-CEE Fund was established by China Exim Bank in partnership with other institutional investors from the CEE region, to identify and partner with dynamic businesses. The buyer was advised by Dentons.