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.