Romania's markets faced a bit of a slow start to the year but have since overcome it and are back on the right track, according to MPR Partners Partner Daniel Alexie.
In the pursuit of promoting renewable energy sources and achieving goals like decarbonization, as well as more ambitious ones such as energy independence, the European Union constantly both encourages and imposes achieving these objectives on the member states. As the whole world was recently shaken by pandemics and war, we are now facing an energy crisis worsened by these tragedies. In this context, in the second half of last year, Romanian legislators adopted several pieces of legislation aimed at mending various blockages encountered in practice by RES developers.
In December 2022, the European Parliament and the Council adopted Regulation (EU) 2022/2554 on digital operational resilience for the financial sector and amending Regulations (EC) no. 1006/2009, (EU) no. 648/2012, (EU) no. 600/2014, (EU) no. 909/2014 and (EU) 2016/1011 (the “Digital Operational Resilience Act” or “DORA”).
Former Senior Privacy & Technology Consultant Cristina Cretu has been promoted to a Partner position with MPR Partners in London on March 1, 2023.
MPR Partners has advised V-Ridium on its acquisition of two photovoltaic parks in Romania with a combined production capacity of 6 megawatts. Legalias reportedly advised the sellers.
Contributed by MPR Partners.
Romania benefits from being one of the EU countries with lower cinematographic production costs, and that is why it is on the radar of many international studios. The cumulative annual turnover of the film industry in Romania is approximately EUR 53 million, derived mainly from foreign productions in Romania.
Romania has recently launched a State aid scheme for the purpose of encouraging investments in the manufacturing industry, with view, on the one hand, to overcome current extensive labour shortages and the diminished trade flows to and from Ukraine caused by the armed conflict therein, and, on the other hand, to facilitate access to new international markets.
The last few years have brought incredible leaps in technology, all fields seeing new and impressive heights that could only be imagined twenty years ago. But the rapid developments in technology came with greater risks in terms of cybersecurity. Romania plays an important role in terms of resources and capabilities in the cybersecurity field and makes ensuring a safe cyberspace a top priority for the country.
MPR Partners has advised GreenVolt subsidiaries V-Ridium Solar 45 and V-Ridium Renewables on their EUR 83 million acquisition of a photovoltaic project from the Samsung C&T Corporation. Schoenherr and, reportedly, Herbert Smith Freehills advised the seller. CMS reportedly advised a consortium of banks on financing the acquisition.
MPR Partners has successfully represented insolvent electricity supplier Getica 95 Com in a dispute with three Auchan Group companies – Auchan Romania S.A., Coresi Business Park S.A., and Ceetrus Romania S.R.L.
MPR Partners has represented the Bacau Municipality in a dispute with CET SA over the Bacau district heating plant.
With inflation making its way through Europe, Romania was hit as well but the economy is still developing steadily, with energy, real estate, and infrastructure the sectors to look out for, according to MPR Partners Partner Dana Radulescu.
Romania is a European Union member state located in the south-eastern part of Europe, with a surface of 38,397 square kilometres and a population of 19.41 million. Romania is positioned in the vicinity of several large markets, including the European Union, the CIS states and the Middle East, and is crossed by three pan-European transport corridors: no. 4 linking Europe from West to East, no. 9 from North to South and no. 7 facilitating inland water transportation on the Danube.