The proceeds will be used, among others, for the development, construction, and operation of two solar photovoltaic plants in Giurgiu County, with a combined capacity of 315 MW (169 MW in Iepuresti and 146 MW in Ghimpați).

The support is part of a larger collaboration between Clifford Chance and Nofar Energy, related to renewable energy projects in Romania with a total installed capacity of 643 MW, on matters including corporate M&A, Engineering, Procurement and Construction (EPC) and Operation and Management (O&M) contracts, as well as regulatory aspects.

Nadia Badea, Head of the Energy Practice in Bucharest, adds: "The transaction further builds upon our market-leading, multidisciplinary Energy practice and consolidates our strong relationship with Nofar Energy, a high-profile investor whose ambitious plans places them at the forefront of Romania's green energy transition."

The Clifford Chance core team advising on the deal included Partners Nadia Badea and Mădălina Rachieru-Postolache, Oana Ionașcu (Senior Associate) and Adelina Seserman (Associate). 

The Nofar Energy in-house team was coordinated by Favi Stelian (CEO Nofar Energy Romania), Andreea Gilicel (Financial Manager), Roxana Gherghe (CFO), Ayana Wechsler (VP Global Operations) and Alex Greenberg (Senior Legal Counsel).

Partner Mădălina Rachieru-Postolache says: "Working with the Nofar, EBRD and Raiffeisen teams was a rewarding experience, and we are glad to have had the opportunity to contribute with our extensive legal know-how and global perspective to the successful signing of this significant, complex financing."

Favi Stelian, CEO Nofar Energy Romania, says: "It was great working again with the Clifford Chance lawyers, as they are truly knowledgeable and reliable to carry intense and complex transactions to a successful end. We are glad to have them on our team."

Andreea Gilicel, Financial Manager Nofar Energy Romania, says: "We express our appreciation for the collaboration with the Clifford Chance lawyers on this significant project. This collaboration has played a key role in achieving our new milestone in our growth journey."

Clifford Chance Badea clients benefit from the entire experience and know-how of the Clifford Chance offices in countries that are more advanced in the development of renewable energy projects. The local team advises developers, infrastructure funds, utility companies and banks throughout the entire project development cycle of a renewable energy project – sell side or buy side M&A, signing of EPC and O&M contracts, Power Purchase Agreements (PPAs), Project Finance, development contracts, regulatory matters including project amendments, or litigation.