Equinor’s EUR91 Million Acquisition Of Wento

CMS advised Equinor on the deal, and Bird & Bird advised Polish Enterprise Fund VI.

Equinor acquired 100% of shares in the Polish company Wento, which develops photovoltaic and wind projects, from Enterprise Investors, a private equity fund. The deal also included the acquisition of a 1.6 GW portfolio of photovoltaic projects. The value of the transaction amounted to EUR 91 million, before net cash adjustments.

Since 2011 Wento has developed and then monetised wind and solar parks of the capacity of 85 MW and 177 MW, respectively. Currently, Wento’s business plan includes a total net pipeline of around 1.6 gigawatts (GW) of solar projects in different stages of development.

The Norwegian energy company Equinor is involved in three offshore wind projects in Poland: MFW Baltyk I, MFW Baltyk II and MFW Baltyk III, in which it holds a 50% interest.

Advice related to the transaction was provided by a team of CMS lawyers coordinated by Piotr Ciolkowski (Picture), partner and leader of the Energy Regulatory team, and Mateusz Stepien, partner from the Warsaw transaction practice. The team comprised: Angelika Szufel, Ada Szon, Bartlomiej Slemp, Kacper Stanosz and Adam Kedziora from the Energy and Infrastructure Projects team and Magdalena Zmyslowska and Michal Sowinski from the M&A/Corporate team. Maciej Andrzejewski advised on employment law and Maciej Kópczynski was responsible for the compliance issues. As regards the real estate aspects, the team was supported by Agata Parys and Anna Mikolajewska-Jelitto.

The Bird & Bird team included Partner Pawel Bajno and Senior Associate Michal Blaszkiewicz.

Involved fees earner: Pawel Bajno – Bird & Bird; Michal Blaszkiewicz – Bird & Bird; Maciej Andrzejewski – CMS Cameron McKenna Nabarro Olswang LLP; Piotr Ciolkowski – CMS Cameron McKenna Nabarro Olswang LLP; Adam Kedziora – CMS Cameron McKenna Nabarro Olswang LLP; Maciej Kópczy?ski – CMS Cameron McKenna Nabarro Olswang LLP; Anna Mikolajewska-Jelitto – CMS Cameron McKenna Nabarro Olswang LLP; Agata Parys – CMS Cameron McKenna Nabarro Olswang LLP; Bartlomiej Slemp – CMS Cameron McKenna Nabarro Olswang LLP; Michal Sowinski – CMS Cameron McKenna Nabarro Olswang LLP; Kacper Stanosz – CMS Cameron McKenna Nabarro Olswang LLP; Mateusz Stepien – CMS Cameron McKenna Nabarro Olswang LLP; Ada Szon – CMS Cameron McKenna Nabarro Olswang LLP; Angelika Szufel – CMS Cameron McKenna Nabarro Olswang LLP; Magdalena Zmyslowska – CMS Cameron McKenna Nabarro Olswang LLP;

Law Firms: Bird & Bird; CMS Cameron McKenna Nabarro Olswang LLP;

Clients: Equinor New Energy; Polish Enterprise Fund VI;

Author: Federica Tiefenthaler