Transeastern Power Trust completed the acquisition of two photovoltaic solar power production plants in Romania for a gross purchase price of over $40 million (€29 million) and concurrent debt and equity financings valued at over $18.0 million.
The equity financing consisted of trust units and subscription receipts that converted into trust units and trust unit purchase warrants upon the closing of the solar company acquisitions.
The equity financing was led by affiliates of Sprott Inc. with Jacob Securities Inc. acting as lead agent. The debt financing was a $5.0 million secured debt facility provided by Sprott Resource Lending Partnership. The solar company acquisitions were transformative for Transeastern, more than doubling its installed power production capacity.
Aird & Berlis LLP acted as Canadian counsel to Transeastern Power Trust with a team comprising Richard Kimel, Rebecca Kacaba, Chris Berrigan, Graham Topa (corporate finance) and Aaron Collins (financial services).
DLA Piper (Canada) LLP acted as Canadian counsel to Sprott Resource Lending Partnership with a team comprising Douglas Shields and Alyce Harper.
Northwest Law Group acted as counsel to Sprott Inc., represented by Michael Provenzano.
Norton Rose Fulbright Canada LLP acted as counsel for Jacob Securities Inc., with a team comprising Walied Soliman, Tommy Wong and Noah Schein.
CMS Cameron McKenna SCA acted as Romanian counsel to Transeastern Power Trust with a team including Loredana Mihailescu and Florina Homeghiu.
Costea Craiciu acted as Romanian counsel to Sprott Resource Lending Partnership with a team including Iuliana Craiciu and Lidia Trandafir.