Enda Enerji Begins Transfer Process for Romanian Investments

Enda Enerji said it has filed an application with Romania’s Foreign Direct Investment Screening Commission, or CEISD, for the transfer of three separate solar power plant projects in Romania.

The filing initiates the standard foreign investment review and approval process applicable to the transaction, while legal, financial and technical due diligence on the projects is continuing. Negotiations over the Share Transfer Agreement are also proceeding simultaneously.

Completion of the transaction will depend on obtaining the necessary administrative approvals, completing the due diligence process, reaching agreement between the parties on the final contracts and satisfying other conditions to be set out in those agreements.

Preliminary Agreement Signed in February

In February, Enda Enerji and Netherlands-based Defic Globe BV, in which YEO Teknoloji Enerji ve Endüstri A.Ş. holds a 51 percent stake, signed a preliminary agreement, in the form of an EPC-conditional term sheet, for the projects, which have a combined capacity of 50.9 Megawatts.

The agreement also included a condition that, alongside the transfer of the projects, 80 Megawatt-hours of energy storage capacity to be integrated into the projects would be built on a turnkey engineering, procurement and construction, or EPC, basis with Defic Globe SRL, Defic Globe Enerji A.Ş.’s Romanian subsidiary.