AVELLUM acted as the legal

counsel to Investment Capital Ukraine (“ICU”) on the complex

M&A transaction involving:

stake in a holding company owing 11 solar plants with an aggregate

capacity of up to 127 MW in Mykolaiv region

AVELLUM provided full legal

support to ICU in negotiating and signing of the transactional documents, as

well as in completion of the transaction. AVELLUM also advised ICU on all

matters related to the financing of the project.

This is yet another

transaction in AVELLUM’s portfolio of M&A deals in the renewable energy

sector. This is also the third joint project of ICU and VR in the renewable

energy sector (in addition to Kamianets-Podilsk and Kherson projects) in which

AVELLUM supported ICU.

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 Vladyslav Aleksandrov. Counsel Maksym

Maksymenko and associate Daryna Mykhailenko advised on real estate matters.