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20 October 2020

Sayenko Kharenko advises Elementum Energy on a buy-out of its joint venture partner

Sayenko Kharenko has acted as the Ukrainian legal counsel to Elementum Energy Limited, a subsidiary of VR Capital focused on investments into renewable energy, on a buy-out of the minority stake of its partner Volterra Energy Group in a joint venture company that had successfully developed ten solar power plant projects in Ukraine with the total installed capacity of 147 MW.

Sayenko Kharenko’s involvement in this transaction included legal support during the negotiations and conclusion of the share purchase agreement, obtaining merger clearance from the Antimonopoly Committee of Ukraine and completion assistance.

Previously, Sayenko Kharenko advised VR Capital on establishment of this joint venture and carried out legal due diligence of the project companies.

VR Capital is an alternative asset manager with a strong historical orientation towards emerging markets, including Ukraine. Elementum Energy is one of the largest renewable energy producers in Ukraine. The company currently owns and operates a portfolio of 28 solar power plants with a total installed capacity of 536 MW and is also in the final stages of development of a 40 MW wind power plant.

Volterra Energy Group is a renewable energy development and investment management group focusing on solar, wind, small hydro, energy storage and waste-to-energy technologies.

Sayenko Kharenko’s corporate and M&A team included partner Oleksandr Nikolaichyk, senior associate Mykhailo Grynyshyn and associate Zarina Khalimon. Partner Maksym Nazarenko and associates Igor Pomaz and Snizhanna Savka advised on antitrust matters.

 

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