AVELLUM Advises Ukrainian Investment

Firm on Establishment of Joint Venture in Renewable Energy Sector

AVELLUM acted as the legal

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

establishment of a joint venture with VR Capital Group to develop a 63.8 MW

solar power plant in Khmelnytskyi region.

AVELLUM provided legal

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

as in completion of the transaction. AVELLUM also assisted ICU in negotiating a

contract for the purchase of solar modules entered into with an internationally

operating EPC and turnkey solution provider of photovoltaics power plant.

AVELLUM’s partner Yuriy

Nechayev commented the following: “This transaction shows not only our deep

expertise in M&A for which AVELLUM is well known on the market for years,

but also our capability to provide full-scope legal support in implementation

of the projects in renewable energy sector.”

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 focused on distressed securities and

event-driven/special situations investments with a strong historical

orientation towards emerging markets. VR Capital Group operates offices in

London, New York, and Moscow and has a presence in Buenos Aires.

The AVELLUM team was led by partner Yuriy Nechayev, with support

from associates Dmytro Symbiryov and Olga Tersina.