Romania > Project finance
Project finance
Clients say the projects team at Musat & Asociatii ‘possesses an excellent ability to identify legal risk and find innovative legal solutions’. Led by Mona Musat, the firm is advising Gabriel Resources, a major Canadian mining group, on the exploration and exploitation of the biggest gold and silver mining site in Europe. It is also acting for Atlas Telecom Network Romania regarding various amendments to the original terms of a €43.7m project with OTP Bank for the implementation and development of a new telecommunications network in Romania. Luminita Popa is recommended.
The strength of Nestor Nestor Diculescu Kingston Petersen’s projects work makes it ‘first choice for many international players’. Reflecting its strength in financial services, the practice acts for banks as well as industrial and real estate clients. The firm assisted Globe Trade Center in obtaining financing of more than €30m from Alpha Bank for the finalisation of City Gate, a major office building project in the Northern part of Bucharest, and it also worked with Hammerer Aluminum Industries on the construction of an aluminium casting plant. Adriana Gaspar heads the team.
Real estate is the main focus of the projects team at Popovici Nitu & Asociatii, which clients describe as ‘very well prepared and client oriented’. It assisted Scandia Group in contracting a syndicated loan amounting to €32m for financing the construction of a production facility. The practice also acted for European Property Development in a €16m bridge financing for Global City Project, an office building project, concluded with National Bank of Greece/Banca Romaneasca. Florian Nitu is recommended.
Tuca Zbarcea & Asociatii is strong across both public and private sector projects work, providing clients with an ‘effective and efficient service’. The firm acted for Romania’s Ministry of Transport in connection with the project finance aspects of the concession contract for the Ploiesti-Brasov section of the future A3 Bucharest-Brasov motorway. On the energy side, it represented the European Bank for Reconstruction and Development on the financing of the construction of a new 860MW Combined Cycle Gas Turbine power plant. This will be the first wholly private power generation project in Romania. Serban Pâslaru leads the team.
Badea Clifford Chance’s strength in financial services is demonstrated in its projects work, where it boasts a strong practice acting for banks on infrastructure and real estate financing. The firm assisted Credit Suisse in a €140m road project finance, signed with Romstrade, a large Romanian road construction company. It also assisted Unicredit Tiriac Bank in a €124m development loan to the Iulius Group for the Palas residential and commercial development. Other significant clients include Barclays, ABN AMRO and Société Générale. Managing partner Daniel Badea is recommended.
Bulboaca & Asociatii’s projects team ‘is well aware of the political and business culture in Romania and has consistently provided reliable advice, the correctness of which has been subsequently proven’. The firm acted for Alpha Bank Romania on the €65m financing of the construction of two chemical tankers located at shipyards in Romania, as well as acting for Investkredit Bank on the €28m development of an office building located in the north-west Romania. Adrian Bulboaca has ‘a good knowledge of Romanian law and is prepared to give commercial advice’.
Energy and real estate financing are two areas in which the projects team at CMS Cameron McKenna SCA excels. The practice advised Unicredit as lead arranger in the €70m financing of a retrofit at one of Romania’s largest lignite-fired electricity generation plants, as well as acting for the same client on €35m facilities for the development of the Grand Arena Berceni shopping mall in Bucharest. On the oil and gas side, the firm acted for Erste Bank and BCR on the project finance for the acquisition of a floating heavy-lift crane, an addition to the Black Sea oil extraction fleet for GSP Group. Simon Dayes is ‘an outstanding finance lawyer with a great brain’.
Gide Loyrette Nouel is working on some of the largest infrastructure projects currently taking place in Romania on behalf of international engineering and energy clients. The practice is advising Spanish energy giant Iberdrola on its participation in the joint-venture project company for the financing, construction, development and operation of units 3 and 4 of the Cernavoda nuclear power plant. It is also acting for a consortium of major European infrastructure companies, including Strabag, Egis and Eurovia, on a tender for the concession agreement for the section between Comarnic and Brasov of the Bucharest to Brasov motorway. Managing partner Bruno Leroy heads the projects team.
Francisc Peli and Ioan Dumitrascu head a team of six associates at Peli Filip, advising international clients on some of the largest infrastructure projects in Romania. The ‘impressive’ practice assisted the winning consortium of two major European infrastructure companies – Vinci and Aktor – in relation to the construction and operation of the Comarnic-Brasov motorway, a €1.7bn project. The firm is also strong in the energy sector, and is advising one of the investors in the project for the development of units 3 and 4 of the Cernavoda nuclear power plant.
Victor Padurari heads the project finance team at Radu Taracila Padurari Retevoescu SCA in association with Allen & Overy LLP, which reflects the wider strength of the firm in banking and financial services work. The firm advised Banca Romaneasca, a member of National Bank of Greece Group, on the first stage of a project related to the development of infrastructure for telecommunication networks in a major city of Romania. It has also advised the European Bank for Reconstruction and Development on a number of matters, including a €170m financing in the energy sector.
Bostina & Associates works with the Romanian state on large infrastructure projects, as well as possessing significant expertise in the energy field. The firm acted for La Vialarda on the opening of a cardiology unit in Bucharest. Mihai Marian and Dana Dunel are the principle figures for projects work.
In 2009 Buzescu Ca acted for Israeli developer American Colony on the €40m financing of a commercial and residential project in the Bucharest area. Peter Buzescu is recommended.
S.P.R.L. Menzer & Bachmann – Noerr are a popular choice with German companies seeking representation for projects work in Romania. The firm’s expertise includes the real estate and energy sectors.
Schönherr is acting on the Cernavoda Nuclear Power Station project, as well as advising EDP Group in relation to three wind parks with an aggregate installed power of 736MW. The practice has additional expertise in real estate finance.
Clients are impressed with ‘the industry knowledge, quick response times and commercial approach’ at Voicu & Filipescu SCA. The firm acts for industrial clients, as well as in the real estate field, and assisted Kronospan Romania with a loan facility of €152m required for a new investment in Brasov.
Real estate is the mainstay of the project finance team at CHSH Gilescu & Partnerii S. C. A. Cerha Hempel Spiegelfeld Hlawati. The practice advised Erste Group Bank on the restructuring of a term loan for a Romanian subsidiary of a major Austrian real estate investor.
E. PLATIS C. BAZILESCU Associated Law Offices is the first port of call for many Greek investors in Romania. The firm is engaged on the Bucharest to Sibiu motorway project.
J&A Garrigues SLP – Sediu Permanent is particularly active in the energy sector. Clients say the firm is ‘fantastic for project finance work’.
Pachiu & Associates is active in the real estate field and counts Erste Bank among its clients. The firm represented Gran Via in the development of a major residential project in Constanta.
Iulius Group, one of Romania’s largest developers, is an important client of Vernon | David, making the firm a distinguished player in real estate projects work. The firm acted on the Palas project (the redevelopment of the city centre of Iasi, a €250m transaction).