Business Review spoke with Perry V. Zizzi, Managing Partner of Dentons Romania, to discuss the outlook for 2025, exploring the challenges and trends expected to shape the year, along with the opportunities that lie ahead.
How do you envision the year 2025 for your law firm in terms of the needs and challenges of the clients you assist?
Looking ahead to 2025, we will need to confront in Romania (and elsewhere) a number of challenges that were born or aggravated in 2024: political uncertainty and budgetary concerns, as well as reckless, pointless and dangerous distractions such as Donald Trump’s newfound obsession with fellow NATO-member Denmark’s territory of Greenland. Despite the sometimes deafening background noise, it may well be that investors will shrug their shoulders and continue to deploy capital in Romania. Sectors like energy and technology will continue to grow, while nascent sectors such as data centers, battery storage and private finance are beginning to attract interest. Our focus will be on delivering tailored, proactive legal advice to help our clients adapt and thrive.
With Romania’s growing role in European and global markets, cross-border transactions and compliance will become ever more significant. The increased regulatory scrutiny on businesses of all kinds (for example, FDI screening) brings with it with a need to provide cross-practice guidance, including addressing the interplay with new ESG requirements.
Throughout last year, we also expanded our corporate, energy, and real estate teams to effectively address a growing portfolio of clients operating in all facets of the energy sector, both on transactional matters and day-to-day commercial legal advice. We expect 2025 to continue to keep these practices business on energy-related matters.
What are the biggest global and local challenges for the legal industry, and how is your firm adapting?
One of the primary challenges for the legal industry globally, including in Romania, is staying ahead of rapidly evolving regulations. As foreign companies increase their presence in Romania, there is a growing need for sophisticated, cross-jurisdictional legal services that require an in-depth understanding of various legal systems and the ability to offer seamless services across borders.
To address these demands, our firm is committed to continuous learning and adaptation, not just at the individual lawyer level but across the entire organization. We regularly leverage Dentons’ global platform to provide comprehensive legal advice that combines international scope with local expertise.
By staying at the forefront of knowledge and technology and maintaining a strong focus on specific sectors, we are able to convert these challenges into opportunities for our clients, ensuring they are well-supported as their industries evolve.
Could you summarize your office’s business performance, client assistance, and handled mandates over the past year?
Our energy and banking & finance teams were instrumental in driving our success. Their deep expertise and impressive portfolio of complex client engagements garnered significant market recognition. The energy team further solidified its position as a leader in renewable energy and power purchase agreements (PPAs).
A notable achievement in 2024 was EnergoNuclear, as we advised on an engineering, procurement and construction management contract, valued at an estimated €3.2 billion. This is one of the most prominent projects in the energy sector in Southern Europe in recent decades and is critical for the region’s energy security. This landmark investment not only strengthens Romania’s strategic energy infrastructure but also underscores its commitment to sustainable energy development. The EnergoNuclear deal has just been shortlisted for the CEE Legal Matters Deal of the Year Awards, which will be held in Prague on April 1.
This expertise is further underscored by our successful track record in energy financing, extending beyond Romania to encompass the broader Southeastern European region, including Bulgaria, Serbia and elsewhere. We also closed a number of financings in real estate (CTP on a syndicated credit facility in a total amount of €200 million) and corporate (Société Générale and BRD Groupe Société Générale on a €435 million financing to automotive manufacturing company Ford Otosan Romania).
Our expertise in capital markets has become increasingly prominent, demonstrated by our team’s successfully assisting CEC Bank with the update of its existing MTN Program followed by the raising of €300 million through a new issue of Senior Non-Preferred Eligible Notes intended to qualify as MREL instruments. Our capital markets team is increasingly involved in energy deals, driven by the global energy transition, as we advised the Joint Global Coordinators and Joint Bookrunners on Premier Energy PLC’s initial public offering and listing on the Bucharest Stock Exchange.
The transactional M&A work became increasingly diverse, as we assisted the private equity fund Invenio on its acquisition of the coffee chains “5togo”, an American oilfield services provider on USD 2 billion acquisition of an international competitor with operations in Africa, Asia, Europe, North America and South America, Resource Partners on its acquisition of Vola.ro and Polish brand FRU.pl, Convergint Technologies on the acquisition of Helinick, Sidma Steel on the sale of its Romanian subsidiary to Ağir Global, EBRD on an equity investment into AROBS Transilvania Software. We continue our track on energy deals, advising DRI, the EU renewable energy arm of Ukrainian energy group DTEK, on the acquisition of a 126 MW solar park project in Văcărești Dâmbovița, as well as a major Turkish renewable energy group on the acquisition of solar and energy storage (battery) projects in Romania with capacities of 45 MW and 41 MW, along with an additional storage capacity of 50 MW. We assisted Electrica on its successful bid in the first round of the auction for the state aid scheme in the form of Contracts for Difference.
Our public procurement team continued its strong push toward landmark, innovative projects. Aside from Energonuclear, our team spearheaded the development of a pioneering utilities procurement compliance guide for PPC Romania. This innovative tool, designed to streamline and enhance procurement processes within the PPC Group, provides valuable support for daily operations.
Our firm’s success is reflected in consistent top rankings and positive client feedback in leading legal directories, consistently demonstrating our commitment to excellence. This commitment was further validated by our firm being awarded “Deal of the Year in Romania” and “Deal of the Year in Central and Eastern Europe” at the CEE Legal Matters Awards for our advisory role in Hidroelectrica’s €1.9 billion IPO, a landmark transaction that highlighted our firm’s significant impact on the region’s legal and business landscape.
How has Dentons enhanced its commitment to corporate social responsibility in 2024, and what impact has this had on your services and culture?
Dentons attorneys and employees, including Simona Marin, Loredana Chitu, Stefi Ionescu and myself, actively participated in conferences dedicated to ED&I, such as AccessABILITY Expo, the Gender Equal Financing Conference 2024, the Equality, Diversity & Inclusion Eastern Europe Conference, and the LGBT+ @Work Conference, organized by the Romanian Diversity Chamber of Commerce, of which Dentons is a founding member.
Additionally, through pro bono work, we continue to support those in need and uphold our commitment to the community. Last year, in partnership with United Way Romania, we successfully concluded our two-year “18.0 Unrevoked” program. This initiative supported young adults aged 18 to 26 transitioning out of the social care system, aiding their integration into society and the job market. Thanks to a generous grant of over €67,000 from the Dentons Europe Foundation, the program was able to provide a comprehensive range of services to disadvantaged young people in Bucharest and Ilfov, Romania.
Finally, we continued to nurture our long-term partnerships with law student associations including ELSA, Clinique Juridique and the Bucharest University of Economic Studies, as well as with the National Institute of Magistracy. Recognizing the immense potential of the next generation, these collaborations not only enrich our community engagement but also position us to identify and recruit future talent for our law firm.
Does Romania continue to be an attractive destination for investors?
Romania has tremendous potential to continue its evolution into a dynamic market brimming with investment opportunities. Romania’s strategic location and rapidly growing sectors such as technology and renewable energy make it an attractive destination for investors. The anticipated end to the Ukraine war should also bring a measure calm to the region, which will benefit Romania. However, the country does face challenges, such as political risk, unchecked budget growth/risk of downgrade, bureaucratic obstacles and an unpredictable regulatory framework – all of which can pose deterrents to foreign investment. It is our firm’s mission to assist clients in navigating these complexities.