CMS Advises DRI on Power Deals with OMV Petrom
Deal News | Feb 11, 2025 | CEE Legal Matters
CMS has advised DRI, the EU renewables arm of Ukraine's DTEK, on physical power purchase agreements (PPAs) with OMV Petrom regarding three solar projects in Romania - Glodeni I, Glodeni II, and Vacaresti. OMV Petrom will offtake 62% of the output from Glodeni I and II starting in January 2026, and 50% of the Vacaresti output from January 2027. These solar projects, with a combined 239 megawatts of installed capacity, are expected to generate around 100 gigawatt-hours annually over an 8.5-year period. The CMS legal team comprised Partner Varinia Radu, Counsel Ramona Dulamea, Senior Consultant Filip Radu, and Associate Ada Romanti. While CMS declined to comment further, this agreement marks a significant step for renewable energy collaborations in the region.
Sectors
- Renewable Energy
- Legal Services
Geography
- Romania – The solar projects and the agreements between DRI and OMV Petrom are located in Romania.
- Ukraine – DRI is the EU renewables arm of Ukraine's DTEK, indicating a connection to Ukraine.
Industry
- Renewable Energy – The article focuses on solar power projects and their energy output agreements, falling under the renewable energy sector.
- Legal Services – The involvement of CMS in advising on the legal aspects of the power purchase agreements highlights the role of legal services in renewable energy deals.
Financials
- 239 MW – The installed capacity of the combined solar projects (Glodeni I, Glodeni II, and Vacaresti)
- 100 GWh – The estimated annual production of electricity from the solar projects over an 8.5-year term
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| DRI | Seller | Company | The EU renewables arm of Ukraine's DTEK, engaging in solar power projects. |
| OMV Petrom | Buyer | Company | Romania-based OMV Petrom is a buyer of renewable electricity from DRI's solar projects. |
| CMS | Legal Advisor | Company | A global law firm providing legal advice to DRI on the power purchase agreements. |
| Varinia Radu | Partner | Person | A partner at CMS involved in advising DRI. |
| Ramona Dulamea | Counsel | Person | Counsel at CMS involved in advising DRI. |
| Filip Radu | Senior Consultant | Person | Senior consultant at CMS involved in advising DRI. |
| Ada Romanti | Associate | Person | Associate at CMS involved in advising DRI. |