Kinstellar has advised Chinese investors CMC Capital and Shanghai Electric Power & Energy Development Limited on the acquisition of Crni Vrh Power, a project company developing a 150-megawatt onshore wind farm in the eastern Serbian municipalities of Bor, Zagubica, and Majdanpek.
CMC Capital is a member of the China National Technical Import and Export Corporation group.
According to Kinstellar, “the Crni Vrh wind farm was purchased 'ready-to-build' – which means that all essential permits and land rights were secured prior to the start of the construction phase, which includes 28 wind turbines. With this acquisition, CNTIC and SEP have entered Serbia’s renewable energy sources market for the first time. The companies formed a joint venture for the deal, with SEP holding 51% and CNTIC holding 49% of the shares.”
The Crni Vrh wind farm is scheduled to begin commercial operations in 2025, with an expected annual electricity generation of 480 million kilowatt-hours.
The Kinstellar team included Managing Partner Milos Velimirovic, Special Counsel Olga Sipka, Senior Associates Aleksa Bosnjovic and Mario Kijanovic, and Associate Miroslav Ravic.
Editor's Note: After this article was published, Isailovic & Partners confirmed its involvement on behalf of the sellers of Crni Vrh Power. The firm's team included Senior Partners Nikola Rodic and Igor Isailovic and Partner Mirjana Radovic.
