AVELLUM acted as the legal
counsel to Investment Capital Ukraine (“ICU”) on the complex
M&A transaction involving:

• sale to VR Capital Group (“VR”) of 50%
  stake in a holding company owing 11 solar plants with an aggregate
  capacity of up to 127 MW in Mykolaiv region
• establishment of a joint venture between ICU and VR

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.