PPC completes acquisition of Romania wind farm
Brussels expressed concern that PPC abused its dominant position in the local wholesale market. [INTIME]
Public Power Corporation (PPC) announced on Tuesday it has completed the acquisition of an 84-megawatt wind farm in Romania through its subsidiary PPC Renewables.
It said that it had fulfilled the precedent conditions and bought the wind farm from the European subsidiaries of the Lukoil Group, and a 100% stake in Land Power SRL. The wind park is located in the areas of Dorobantu and Topolog, which have the best wind conditions. It generates over 200 gigawatt-hours of energy annually. PPC won the bid among international companies.
Kommunalkredit Austria AG acted as exclusive financial adviser to the buyer and CMS Cameron McKenna Nabarro Olswang LLP SCP and Milbank LLP acted as counsel to PPC Renewables.
