During the second quarter of 2020, Elias Neocleous & Co LLC assisted Greenmont, a Cyprus-authorized alternative investment fund, on the Cyprus law aspects of its private equity investment in Nace Energía (NACE) in Spain.
The deal closed in July 2020, with Greenmont acquiring a shareholding stake, subject to usual post-closing Spanish law conditions and authorizations. The firm stated their pleasure to have been part of this transaction, which was reported to be the largest Series A funding of a start-up in Spain and the third one in Europe for 2020.
The firm’s team advised Greenmont over the Cyprus law fund, regulatory, contractual, energy and corporate law related aspects and matters of the deal, working alongside the Spanish law advisors (Araoz & Rueda) of Greenmont. The team comprised of Dimitris Papoutsis (Legal Consultant), Michael Pelosi (Legal Counsel), Demetris Roti (Partner), Elena Fantis (Associate), Rafaella Michael (Associate) and Ioannis Sidiropoulos (Associate).
Greenmont is a private equity alternative investment fund with a limited number of persons, authorized and regulated in Cyprus by the Cyprus Securities and Exchange Commission (CySEC) for the internal management of its portfolio of investments. Greenmont’s investment objective is to ensure the long-term growth of capital and income of its investors by investing in a portfolio consisting primarily of equity securities of both publicly listed and unlisted companies or other investments in various sectors.
NACE, the counterparty and target of Greenmont’s investment, is a Spanish electricity company, which produces and supplies renewable energy along with energy efficiency solutions for small and medium-sized entities (SMEs), as well as domestic users in Spain and in terms of number of SMEs- clients is categorized among the thirty largest electricity companies.