AVELLUM acted as the legal counsel to Investment Capital Ukraine (“ICU”) on the sale of the remaining stake in alternative energy projects with total capacity over 200 MW to VR Capital Group (“VR”). The transaction covered the following solar power plants jointly developed by ICU and VR:

• “Kamianets-Podilskа” in Khmelnytskyi region – 64 MW
• “Solar Capital” in Kherson region – 35 MW
• a number of power plants in Mykolaiv region – 127 MW total capacity

AVELLUM provided full legal support to ICU in negotiating and signing the transaction documents, as well as in completion of the transaction.

ICU is an independent asset management, private equity, and investment advisory firm specialising in the emerging markets of Central and Eastern Europe.

VR Capital Group is an alternative asset manager with assets under management in excess of USD4.5 billion. Since commencing operations in 1999, the firm’s investments have been concentrated in global emerging markets. VR Capital Group’s principal offices are in London and New York, and its advisory affiliates are regulated by the U.S. Securities and Exchange Commission and the U.K. Financial Conduct Authority.

The AVELLUM team was led by partner Yuriy Nechayev with support from associates Dmytro Symbiryov and Maryna Buinytska.