Our legal team has conducted extensive legal, regulatory and licensing due diligence in order to be able to advise our client in respect of this transaction. Our due diligence exercise involved, inter alia, the examination of the corporate and constitutional documentation of the selling entities, and the special purpose vehicles (SPVs) owning the requisite licences (including the licences to construct and operate a PV park), as well as the long-term leases that were entered into between the said SPVs and the owners of the land on which the PV Parks were constructed. In light of the results of our due diligence exercise, we were able to effectively assist our client in negotiating the terms of the share purchase agreement, and to ensure that there were adequate safeguards therein to protect our client’s interests.
We have also liaised with the relevant competent authorities on behalf of our client in order to assist with the satisfaction of certain conditions precedent to completion of the transaction, and regularly conducted physical and online meetings with our client to keep them informed and updated as to any progress and developments towards reaching their desired outcome.
Our firm has supported our client throughout the period from the date of signing the share purchase agreement and preparing for completion, until the date of the actual completion of the transaction, in order to ensure a smooth handover and to secure our client’s interest in the transaction, upon payment of the purchase price.
Our firm’s ability to form teams of lawyers with different background and expertise, in order to seamlessly deliver to our client optimal and specialized advice, catered to their specific needs and the particular requirements of a project, which touched upon a range of different legal disciplines, was key to achieving a successful outcome for our client in this €42 million acquisition. The team’s commercial acumen was also pivotal in understanding and addressing the concerns of our client, and to cooperate well with other esteemed professional advisors of our client.
We had to advise our client, in an evolving area (the energy sector), during a period of transition of the electricity market. Many of the applicable regulations were only recently put into effect, whilst others were replaced by new regulations during the lifecycle of this project. Our team had to keep up with all developments and advise the client on matters which were basically not well-tested (or in certain cases, not tested at all) before.
We are very pleased to have played an important role in assisting and guiding our client towards achievement of their objective: the acquisition of the six (6) PV parks in Cyprus. Further to this investment, our client’s total capacity of its renewable energy sources portfolio in Cyprus exceeds 40 MW. All PV parks were in operation during the completion of the acquisition, which means that our client is already able to enjoy the fruits of their investment.