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Kinstellar and Gen Temizer Özer advise Torunlar Group on the acquisition of a 50% stake in AKCEZ—a joint venture between ČEZ Group and Akkök Group in Turkey
Kinstellar and Gen Temizer Özer are delighted to have supported Başkent Doğalgaz Dağıtım Gayrimenkul Yatırım Ortaklığı A.Ş., the second-largest gas distributor in Turkey and publicly listed on the Istanbul stock exchange, and Torunlar Enerji Sanayi ve Ticaret A.Ş., a Turkish investment holding company and the majority owner of Başkentgaz, on the acquisition of a 50% stake in AKCEZ Enerji A.Ş. (AKCEZ) from ČEZ Group, which following final closure of the deal will exit its existing joint venture with Akkök Group. The transaction is subject to, inter alia, approval by the Turkish antitrust authority and local energy regulator. AKCEZ—a joint venture of ČEZ Group and the Akkök Group—owns the
Kinstellar contributes to the Clean Energy Tool launched by Simmons & Simmons
Kinstellar is honoured and delighted to have contributed, as exclusive authors, to the Czech, Hungarian and Kazakhstan sections of the Clean Energy Tool launched by international law firm Simmons & Simmons. The Clean Energy Tool provides reliable, consistent and easy-to-manage information to support investments in clean energy projects around the world. It gives investors online access to important legal and regulatory information concerning renewable energy projects. The tool is constantly expanding and already covers 44 jurisdictions. Information is developed in collaboration with premiere local counsel selected by Simmons & Simmons from across Africa, Asia, Europe, Latin America, Australia and the Middle East.
Long term renewable power purchase agreements with renewable energy generators
The sale of the generated electricity by renewable energy generators through market-based long-term power purchase agreements (PPAs) is a fairly new phenomenon in the Hungarian electricity market. Whilst PPAs have already been concluded between conventional power plants and off-takers in the past, the interest towards renewable PPAs has only started to increase recently, primarily for the following reasons: Firstly, over the last few years the economics of renewable energy generation has substantially improved, and renewable energy generation has become more and more competitive with conventional forms of power generation. Secondly, the governments started to gradually phase out many of the formerly existing “old school”
Kinstellar advises MVM Group on the acquisition of a direct stake in two leading energy utility construction companies in Serbia
Kinstellar is proud to have advised MVM Group, one of the leading regional energy groups, on entering into a share purchase agreement with the Serbian Maneks Group in connection with the acquisition of a 33.4% stake in Energotehnika Južna Bačka and Elektromontaža Kraljevo, two leading Serbian utility construction companies. The acquisition enhances MVM Group’s ability to increase its presence in Serbia and in the western Balkan region, in line with its regional expansion strategy. The transaction is expected to close in the second quarter of 2022. The Kinstellar team was led by Branislav Marić, Managing Partner of our Belgrade office, with the support of Andreja Vražalić and Nikola Stojiljković (Managing
Romanian energy regulator adopts rules for setting fines applied as a percentage of turnover
Further to the transposition into Romanian law of the Internal Market in Electricity Directive (EU) 2019/944 in December 2021 (that we previously wrote about here), the Romanian Energy Regulatory Authority (“ANRE”) has recently adopted Order no. 12/2022 for the approval of the procedure on the method of setting administrative sanctions as a percentage of turnover following control activities (“Order no. 12/2022”) and Order no. 13/2022 for the approval of the procedure on the method of setting administrative sanctions as a percentage of turnover following investigation activities (“Order no. 13/2022”) (together the “Orders”). The Orders should provide more predictability to energy market participants as to
The REPowerEU Plan: European Commission’s Communication for a Joint European Action for more affordable, secure and sustainable energy and what it means for Romania
The European Commission published, on 8 March 2022, its REPowerEU Communication addressed to the European Parliament, the European Council, the Council, the European Economic and Social Committee and the Committee of the Regions on Joint European Action for more affordable, secure and sustainable energy (the “Communication”). Context and aim of the Communication The Communication outlines the need for a REPowerEU plan meant to address the EU’s need for energy independence, given the current geo-political context. The Commission declares itself ready to implement the plan by this summer, in cooperation with the Member States. Against this background, the Communication highlights the upmost importance
Accessing talent in Bulgaria through Employer of Record service providers
Two years after COVID-19 was officially reported in Bulgaria, the local labour market appears to be steadily returning to its pre-COVID-19 tempo of growth, with market researchers reporting personnel shortages, particularly in the technology and IT sector. The pandemic has reshaped the way we work, and companies are now embracing remote work as an opportunity to access talent across borders. This process has naturally resulted in the increased engagement of Employer of Record service providers (“EORs”), which facilitate the process of hiring and administrating employees abroad. This overview provides insights into how EORs may operate under Bulgarian law and also highlights important aspects to be considered by companies
Good news for renewable energy producers following amendments to the Romanian Energy Law
On 31 December 2021, Government Emergency Ordinance no. 143/2021 amending the Romanian Energy Law no. 123/2012 (the “Energy Law”) and other normative acts was published in the Official Gazette (“GEO no. 143/2021”) and entered into force. GEO no. 143/2021 represents a significant redrafting of some of the principles and provisions of the Energy Law and was mainly intended to transpose under local law Directive (EU) 2019/944 on common rules for the internal market for electricity and amending Directive 20212/27/EU (“Directive 2019/944”), which should have been transposed by 31 December 2020. Among the most anticipated changes to the Energy Law is the repeal of the restrictions for electricity producers to conclude
Kinstellar strengthens its team in Uzbekistan with the appointment of Sherzod Yunusov as Partner
Kinstellar is delighted to announce that Sherzod Yunusov has joined the firm’s Tashkent office as Partner. His joining the firm bolsters our team’s capabilities in Uzbekistan and particularly our expertise in the energy and infrastructure sectors and project finance. Sherzod Yunusov has expertise and an established track record handling a wide array of matters related to oil and gas transactions (including exploration and gas production; production sharing agreements; development of fields; design and construction of infrastructure projects; gas transportation and processing; plant operation; sales of gas; and project finance), renewables (solar and wind), and infrastructure projects. He also advises on restructurings
Kinstellar strengthens its Energy and Natural Resources team in Kazakhstan with appointment of Anna Kornilova as a Senior Associate
Kinstellar is delighted to announce that Anna Kornilova has joined our team in Kazakhstan as a Senior Associate. At Kinstellar, Anna’s practice will focus on Competition and Antitrust Matters. In addition, Anna will be involved in our Energy and Natural Resources team and our Corporate and M&A practices. Anna graduated with LL.B. from the Almaty Academy of Law of the Kazakh Humanitarian Law University, international law faculty in 2007 and completed one year of studies in Washington, DC in 2002. She is a member of the Kazakhstan Bar Association, the Kazakhstan Alliance of Antitrust Experts and Eurasian Association of Antimonopoly Experts. Prior to joining Kinstellar, Anna Kornilova was a Senior Associate
Law resuming large-scale privatisation in Ukraine signed by the President
On 29 April 2021, the President of Ukraine signed the Law of Ukraine “On Amendment to Section V ‘Final and Transitional Provisions’ of the Law of Ukraine on the Privatisation of State and Municipal Property for the resumption of auctions for the sale of large-scale privatisation objects” (the “Law”), which removes the ban on large-scale privatisation in Ukraine enacted a year ago due to the Covid-19 situation. The Law will become effective on the day following its publication. According to Dmytro Sennychenko, the Head of the State Property Fund of Ukraine, the following companies will be the first offered for sale in 2021: United Mining and Chemical Company (one of the world's largest producers
Kinstellar announces new promotions to Partner and Counsel
Kinstellar is delighted to announce the promotions to Partner of Balázs Sepsey (Budapest), and to Counsel of Tomáš Melišek (Bratislava), Alexandru Mocănescu (Bucharest) and Nina Tsifudina (Sofia). PARTNER Balázs Sepsey, Budapest Balázs has over 17 years of experience advising Hungarian and international companies on a wide range of energy-sector matters, including energy-related M&A deals, power plant development projects, long-term supply agreements, EPC contracts and EU energy regulatory work. His expertise extends to energy infrastructure projects, mid- and long-term power purchase and gas supply agreements, energy project agreements, petrochemical revamp and development projects, and