Hunton & Williams Represent Tractebel
In a transaction that sets the stage for future privatizations in Poland's electric power sector, Hunton & Williams represented Belgium-based Tractebel in the acquisition of a 25 percent stake in the Polaniec power plant. The purchase, valued at Usdollars84.2 million (Euro 87.5 million), was completed on April 6, 2000.
"This deal marks Tractebel's first acquisition in Poland, and the way it was structured will serve as a prototype for future privatizations in the power industry," said Steve Horvath, managing partner of Hunton & Williams' London office, who served as lead counsel for Tractebel.
Arek Krasnodebski, counsel in the firm's Warsaw office and lead Polish attorney on the deal, said, "Polaniec is the first significant power sector privatization where the investor accepted the current power sales contract arrangements and assumed the market risk for future power sales."
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