Watson Farley & Williams and Rymarz Zdort Maruta advised Amber Infrastructure Group, as exclusive investment advisor to Three Seas Initiative Investment Fund S.A. SICAV-RAIF (3SIIF), on the latter’s €150m investment in Poland’s R.Power S.A., which owns a portfolio of 17 solar PV projects in Italy, Spain and Germany. The deal’s closing remains subject to approval from Polish competition authority and 3SIIF maintains an option to increase its investment further to €250m in total.
The portfolio comprises four PV projects in Italy with capacities ranging from 7 MW to 22 MW, three PV projects in Spain with capacities ranging from 4 MW to 180 MW and one 57 MW project in Germany.
Amber is specialist international infrastructure investment manager with over €5.5bn in funds under management.
R.Power is one of the fastest-growing companies in Europe in the large-scale solar energy sector. Specialising in the development, design, construction and maintenance of photovoltaic power plants, its portfolio covers nearly 790 MWp of fully developed projects, of which 635 MW are currently under construction or are already producing green energy.
The cross-border, multidisciplinary WFW team that advised Amber on the Italian due diligence, Corporate and Regulatory Law aspects of the transaction was led by WFW Italy head and partner Eugenio Tranchino, assisted by Corporate associates Giovanni Benedetto, Antimo Rocco Nersita and Sonia Basso. Administrative Law advice was provided by Regulatory partner Tiziana Manenti, supported by senior associates Cristina Betti and Anthony Bellacci, Trainee Maria Concetta Molica, Alice Zago, and Fiammetta Cardillo, as well as Finance associate Daniele Sani and Trainee Marta Lomuscio.
Spanish Law advice was provided by a WFW Madrid team led by Regulatory partner David Diez and Corporate partner Javier Ester, assisted by aenior associates Pilar Rozas and Aránzazu Arizcun and associates Ángel de Martín and Rodrigo García-Escorial.
German Law advice was provided by a WFW Germany team comprising Corporate partner Malte Jordan, Regulatory partner F. Maximilian Boemke, and Employment partner Andreas Wiegreffe, assisted by managing associate Nora Fleischhauer, senior associate Muteber Yalcin and associate Julia Grolla.
WFW worked closely with a team from leading Polish law firm Rymarz Zdort Maruta comprising partners Paweł Zdort, Jakub Krzemień and Marek Durski, counsel Lukasz Lech and Attorney-at-Law Adrian Augustyniak, who acted as Amber’s Polish counsel.
Eugenio commented: “We are delighted, together with Rymarz Zdort Maruta, to have advised Amber on this transaction. This was a complex, cross-border deal requiring multi-disciplinary energy sector expertise in several key European jurisdictions, our involvement in which highlights WFW’s standing as a leading law firm for big ticket renewables transactions.”
The Clifford Chance advised R.Power with a Warsaw team led by Wojciech Polz (Partner). The team also included Paweł Puacz (Partner), Nick Fletcher (Of Counsel), Karol Kulhawik (Counsel), Zuzanna Potoczna (Associate), Tomasz Szekalski (Senior Associate), Marcin Markowski (Senior Associate) and Michał Beściak (Associate). They provided legal guidance and support throughout the investment process, including negotiations and finalization of the agreement with 3SIIF.