November 2023 – Kinstellar has successfully advised PowerChina on the acquisition of a majority shareholding interest (51%) in Vetrozelena, a project company developing a 300 MW wind farm in Serbia under a RtB (ready to build) model.
The Vetrozelena project is a 48-turbine wind farm located in Pančevo, in the autonomous province of Vojvodina in the northern part Serbia. The deal, which was signed in April 2023 and closed in November 2023, is currently the largest acquisition in the Serbian renewables sector.
With this transaction, PowerChina further broadens its worldwide reach by entering the Serbian renewable energy sector. The seller was CWP Europe, a joint venture between the renewable energy investor CWP Global and the independent energy trader Mercuria Energy. Kinstellar provided comprehensive buy-side advice during the legal due diligence process and preparation of the transaction documents.
The team was led by Radovan Grbović (Partner) and Aleksa Bošnjović (Senior Associate).