POP PEPA advises on 200 MW wind farm MOU with China Ming Yang Wind Power Group Ltd.
November 28, 2013
POP PEPA has acted as counsel to local developer Speranta & Succesul in a joint venture MOU with Guangdong Mingyang Wind Power, a subsidiary of China Ming Yang Wind Power. At this stage, the parties have signed an EPC framework development agreement, in the presence of Chinese and Romanian prime ministers Li Keqiang and Victor Ponta, during a state visit of Mr. Li to Romania this past week.
Commenting on the transaction, managing partner Steven Pepa said: “The signing of this EPC framework agreement is an important milestone in Ming Yang’s overseas expansion strategy and in terms of Chinese-Romanian relations. It has been great to be part of this process.” Ming Yang was represented by Charles Vernon, of Vernon & David.
Ming Yang will provide engineering, procurement and construction services for the Romanian renewable energy developer. The Chinese company will supply wind turbines with unit capacity of 2 megawatts each to the project, which will cost about 400 million euros ($543 million)
The parties are now expected to move to the next stage of the transaction in the early New Year, with signature of a complete set of deal documentation expected before the spring when the project should get underway.
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