The Corporate Finance Advisory units of UniCredit in Bulgaria, Vienna and Italy have realized a successful transaction in the field of renewable energy resources with Enel Green Power – a key client for the Group. UniCredit Bulbank provided expertise and an in-depth analysis. 65 potential buyers were identified and 6 participants were admitted to the negotiations during the second phase of the process. Regardless of the challenges that the teams had to face – regulatory changes, a global pandemic and a complex corporate structure of the asset, they managed to achieve the results the client expected.
“UniCredit works successfully as a financial advisor on mergers and acquisitions of Enel Green Power S.p.A - a company for the production of clean wind energy in Bulgaria with significant environmental benefits. The business related to environmental, social and governance matters, “ESG” in one word, is extremely important to us and we have been focusing more and more on it.”, commented Raluca Popescu, Head of Corporate Investment Banking of UniCredit Bulbank.
“One of the main challenges for the team was the adoption of important and significant changes to the Energy Act which affect the producers of renewable energy. The significant change to the regulatory framework during the project required additional efforts in order to provide comfort and ensure understanding on the part of foreign investors.”, explained Aleksandar Pulev, Senior Manager of Corporate Finance Advisory.
The installed total capacity of Enel Green Power Bulgaria is 42 MW, which is 6% of the installed total wind power in Bulgaria, and makes it the fifth biggest company for production of wind energy in the country.
The field of renewable energy sources is recognized as active in Central and Eastern Europe, and the in-depth knowledge of UniCredit was of key importance for the positioning of Enel Green Power in Bulgaria.
The transaction was structured as a competitive tendering procedure. Finalizing such a big project with a complex corporate structure of assets and with coordination of a large number of engaged investors, both local and international, is a significant achievement. Nevertheless, the transaction was completed successfully in January 2021 thanks to the joint efforts of the Bulgarian team of Corporate Finance Advisory and their colleagues from Austria and Italy.
Additional media information:
Ekaterina Ancheva, tel +359 (0) 2 9264 963, flbufsjob/bodifwbAvojdsfejuhspvq/ch
Beatris Nikolova, tel +359 (0) 2 9232 528, cfbusjt/ojlpmpwbAvojdsfejuhspvq/ch
Victoria Blajeva, tel +359 (0) 2 9264 993, wjlj/ebwjepwbAvojdsfejuhspvq/ch