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Karanović & Nikolić

RESAVSKA 23, 11000 BELGRADE, SERBIA
Tel:
Work +381 11 30 94 200
Fax:
Fax +381 11 30 94 223
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Web:
https://www.karanovic-nikolic.com

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Karanović & Nikolić Wins the 2017 Deal of the Year Award

June 2018

We are pleased to announce that Karanović & Nikolić has won the 2017 Deal of the Year Award for Serbia for the EBRD and IFC financing of Vetrolektrane Balkana - Čibuk 1 Windfarm. Organized by the renowned CEE Legal Matters magazine, this is the first year that these awards were held and they are a way of recognizing the biggest and most important deals by leading law firms in Central and Eastern European jurisdictions.

The prestigious accolade was awarded on 6 June at the CEE Legal Matters Annual Dinner and Awards Banquet in Prague. Before an audience of over 100 senior legal professionals from across the region, Rastko Petaković, Managing Partner at Karanović & Nikolić, accepted the award on behalf of the firm.

"It is a huge privilege to receive this prestigious award, which came as a recognition of the enormous effort put in by everyone involved in this landmark deal which marked 2017 and had a huge impact on the energy sector in the region", said Mr. Petaković. "I am particularly proud of our young generation of Karanović & Nikolić partners who led the team and once again proved our firm's dedication to excellence. We would also like to congratulate our clients, the EBRD and IFC, and thank them for an opportunity to work on deal of this significance and magnitude."

The deal for which Karanović & Nikolić won the award is the EUR 215 million financing of Čibuk 1, developed by Vetroelektrane Balkana. With an installed capacity of 158 MW, Čibuk 1 will be the largest windfarm in the Western Balkans. Apart from creating hundreds of new jobs and improving local infrastructure, this project should give a critical contribution to Serbia meeting its commitment to have 27% of its gross energy consumption coming from renewable energy sources by 2020.

The Karanović & Nikolić core legal team – led by partners Maja Jovančević Šetka and Petar Mitrović, with partner Katarina Gudurić and associate Marija Vićić, acting as the local counsel for EBRD and IFC, advised on all local law aspects of the financing, including the preparation of due diligence and support in the negotiations of the facility agreement and other financing and project documents. Norton Rose Fulbright from London acted as the international counsel to the lenders in this deal.

Out of a total of three deals which are in the finals for the jurisdiction of Serbia, Karanović & Nikolić has been shortlisted with two – the Financing of Vektroelektrane Balkana and the National Bank of Greece's sale of Vojvođanska Banka to OTP.

Legal Developments by:
Karanović & Nikolić

  • Privatisation Disputes

    This article was written by  Milan Lazić, Senior  Partner , and  Milica Savić, Senior Associate , and originally published in the "Reshaping the boundaries of arbitrability: Are we heading forward?" publication by the  Permanent Arbitration at the Chamber of Commerce and Industry of Serbia .
    - Karanovic & Nikolic

Legal Developments in Serbia

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  • Privatisation Disputes

    This article was written by  Milan Lazić, Senior  Partner , and  Milica Savić, Senior Associate , and originally published in the "Reshaping the boundaries of arbitrability: Are we heading forward?" publication by the  Permanent Arbitration at the Chamber of Commerce and Industry of Serbia .
  • Geographical Indications Of Origin In Serbia: Where The Past Fuels The Future

    This article was written by Dragomir Kojić, Partner ⃰, and Tamara Bubalo, Associate ⃰, and was originally published in Issue 5.2 of the CEE Legal Matters Magazine. To see the original article, please follow this link.
  • Striving Towards the Black Gold

    This article was written by Petar Mitrović, Partner ⃰, and Nikolina Kažić, Associate ⃰, and was originally published in Issue 5.2 of the CEE Legal Matters Magazine To see the original article, please follow this
  • Montenegro To Publish A Tender For A 200 MW Solar Power Plant

    The Montenegrin Government plans to publish a tender for the lease of state land for the purpose of constructing a solar power plant in the municipality of Ulcinj. According to the announcement, the tender envisages a total of 6,621,121 square meters of land for the planning, construction, exploitation, and maintenance of a solar power plant at Briska gora, in the very south of Montenegro.
  • Laying the Foundations: ZF Group Building a Factory in Serbia

    The Karanović & Nikolić team, led by Senior Partner Marjan Poljak and Senior Associates ⃰ Ana Stanković and Ana Luković, advised ZF Friedrichshafen on the project of opening an electric vehicle parts factory in Pančevo, Serbia. The German company, a global leader specialising in the design, research and development, and manufacturing activities in the automotive industry, laid the foundations and began construction on 21 June 2018.
  • Interview with Patricia Gannon: The Importance of Female Leadership in Law Today

    Patricia Gannon, founding partner at Karanović & Nikolić, was recently appointed Chair of the European Forum at the International Bar Association . In this interview, she discusses her role at the helm of the largest global gathering of legal professionals and tackles the important topic of diversity in law, as well as female leadership from her unique perspective as female co-founder of a leading law firm from Southeast Europe.
  • Raspberries and IT: New Sector Inquiries by the Serbian Competition Commission

    The Serbian Competition Commission (the " Commission ") recently finished sector inquiries concerning quite distinct industries – raspberries and the public procurement for software and hardware. The aim behind the inquiries was to perform extensive market research and analysis in order to acquire a clearer picture of the possible antitrust issues and risks in two sectors widely perceived as strategic for the development of the Serbian economy.
  • Even More Sector Inquiries: Sportswear And Oil Retail Under Scrutiny By The Serbian Commission

    The Serbian Competition Commission (the " Commission ") continues its diligent examination of the Serbian competitive landscape in specific industries, this time with inquiries in two more industries – sportswear (including footwear and sporting equipment) and oil (petroleum products). Once again, the aim behind the market test was to identify potential issues on the relevant markets and provide broader insight into the functioning of the relevant markets.
  • New Amendments to Serbian Tax Laws

    At the end of 2017, the Serbian Parliament passed amendments to Serbian tax laws, including the Law on Personal Income Tax (PIT Law), the Law on Contributions on Mandatory Social Insurance (CMSI Law), the Law on Corporate Income Tax (CIT Law), and the Law on Value Added Tax (VAT Law).
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    The new Construction Law entered into force in Montenegro and it is meant to unify construction, zoning regulations and deal with illegal objects. However, some provisions of the old Construction Law still remain in force, until the adoption of the General Regulation Plan.