Squire Patton Boggs Advises EBRD on Joint Venture to Invest in Solar Energy in Ukraine

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Squire Patton Boggs has advised the European Bank for Reconstruction and Development (EBRD) on an agreement with GOLDBECK SOLAR Investment GmbH to establish renewable energy joint venture company GOLDBECK SOLAR Investment Ukraine. The joint venture will target the development of a portfolio of up to 500 MWp of solar PV projects in Ukraine over the next three to five years. This is the first private energy deal led by a foreign investor to add renewable generation capacity in Ukraine since February 2022. The deal is subject to customary regulatory approvals.

The international team advising EBRD comprised Corporate partner Paolo Zamberletti and associate Alessandro Morleo in Milan and Corporate partner Dr Sabine Pittrof and associate Felix Strohecker in Frankfurt. The team was supported by Dr Jan Pesek and Dr Leo Koltsoff from the Corporate practice in Frankfurt, Oliver Geiss and Lea Voss from the Competition-Antitrust practice in Brussels, and Marcin Wnukowski from the Corporate practice in Warsaw.

The establishment of GOLDBECK SOLAR Investment Ukraine is a joint effort aimed at supporting Ukraine’s domestic electricity generation with the goal of developing up to 500 MWp of new renewable energy production facilities. The projects will directly support Ukraine’s energy resilience. Energy security is one of the EBRD’s five investment priorities for Ukraine, along with support for vital infrastructure, food security, trade and the private sector. In light of the attacks on Ukraine’s energy sector, the EBRD has been reworking its pipeline of future projects to offer more support to the country with investments in the energy industry. Paolo Zamberletti, who led Squire Patton Boggs’ international team, commented: "This deal is testimony to EBRD’s commitment to energy security in Ukraine. It involved complex negotiations in a very demanding timeframe, which concluded positively thanks to the efforts and cooperative attitude of the parties and their legal counsel."

Headquartered in Baden-Württemberg, GOLDBECK SOLAR is an experienced German solar energy company with more than two decades of experience in the sector and with active operations in over 12 countries.

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