Founded in 1957, Wolf Theiss is one of the leading law firms in Central, Eastern and South-Eastern Europe, specialising in providing assistance in international business.
The firm’s reputation is built on an unrivalled local knowledge which is supported by strong international capabilities. With 390 lawyers in thirteen countries, over eighty percent of the firm’s work involves cross-border representation of international clients.
Wolf Theiss has concentrated its energies on a unique part of the world: the complex, fast-developing markets of the CEE/SEE region.
In Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies.
Founded in 1957, Wolf Theiss is one of the leading law firms in Central, Eastern and South-Eastern Europe, specialising in providing assistance in international business.
Through its international network of offices, the firm works closely with clients to develop innovative solutions that integrate legal, financial, and business know-how.
Opened in 2005, the firm’s Romanian office currently has a team of over 40 lawyers and is one of the most representative offices in the network.
For more than 10 years, Wolf Theiss has been a leader in the independent ranking of law firms in Romania by EMIS DealWatch according to the number of transactions completed each year, assisting some of the most representative M&A projects concluded in post-crisis Romania in terms of impact and value.
Recognition from organisations such as The Financial Times and The Lawyer confirms Wolf Theiss’ reputation in the market: broad regional experience and depth in its focused practice helps clients achieve their goals. Over the years, Wolf Theiss has been consistently recognized among the top law firms in CEE/SEE and has won numerous awards.
Bridges speaks with Bryan Jardine, managing partner of Wolf Theiss Romania office and Co-Head of Wolf Theiss’ Energy Industry Group
Bridges: What are your expectations for the Romanian Economy in 2024 / 2025?
Jardine: Romania’s business environment is poised for continued growth in the coming years, driven by a wealth of opportunities across various sectors. Recent years have seen a marked increase in investor interest in industries such as technology, energy – particularly renewables – healthcare, retail, real estate, manufacturing, and infrastructure.
Among these, the energy and technology sectors have been particularly dynamic and are expected to remain significant contributors to economic activity in 2024 and 2025. Additionally, we anticipate heightened activity in healthcare and infrastructure, with a strong focus on renewable energy initiatives, electric vehicle charging infrastructure, and businesses that prioritise environmental, social, and governance (ESG) practices.
The healthcare and food sectors also present substantial growth potential, while industrial and manufacturing sectors continue to offer attractive investment opportunities. The National Recovery and Resilience Plan (NRRP) is a critical resource for Romania, providing substantial funding to support large-scale strategic projects, particularly in infrastructure development and small and medium-sized enterprise (SME) initiatives.
However, to fully leverage the benefits of the NRRP, the government must streamline access to these funds by cutting through bureaucratic red tape. It is imperative that the process of accessing these funds is simplified and that all mechanisms operate swiftly and efficiently. The Romanian government should prioritise and expedite investment projects in public sector digitization, infrastructure development, energy production, and storage capacity expansion to maintain and enhance economic momentum.
Romania’s business environment is poised for continued growth in the coming years, driven by a wealth of opportunities across various sectors.
Bryan Jardine, Managing Partner of Wolf Theiss Romania Office and Co-Head of Wolf Theiss’ Energy Industry Group
Despite these positive developments, Romania’s economy, like those of other countries in the Central and Eastern Europe/South-Eastern Europe (CEE/SEE) region, remains vulnerable to external macroeconomic shocks. The significant inflationary pressures experienced in 2023, largely driven by increased energy prices, have exerted financial pressure on both consumers and businesses.
As we move forward, addressing these economic challenges will be crucial to sustaining growth and ensuring stability. ESG considerations are increasingly shaping business operations, and companies must stay attuned to evolving regulations and consumer expectations concerning environmental sustainability and governance. Another key concern for businesses will be the attraction and retention of skilled talent.
To navigate these challenges, companies should closely monitor workforce trends, invest in employee development, and cultivate a positive workplace culture to retain valuable employees. Moreover, with the growing reliance on digital infrastructure, cybersecurity has become paramount. Businesses must prioritise the protection of sensitive data and the integrity of their digital systems to maintain trust and avoid potential financial and reputational damage. Overall, I remain optimistic about the future of Romania’s business environment in 2024 and beyond. The country’s strong fundamentals, coupled with a dynamic and increasingly sophisticated market, present numerous opportunities for growth and development.
How do you see Romania’s Energy Market developing?
Since 2020, the ambitious renewable energy targets set by EU Member States for 2030 have acted as a significant catalyst for the development of renewable energy projects across Central and Eastern Europe (CEE) and South-Eastern Europe (SEE), with Romania playing a prominent role.
According to data from www.ourworldindata.org Romania is among the greenest economies globally, with over 62% of its energy production in 2022 coming from emission-free sources, including nuclear and renewables. Looking ahead, Romania has the potential to further increase the share of green energy in its total energy consumption, contributing to the EU’s overarching goal of achieving net zero carbon dioxide emissions.
To maintain this trajectory, Romania must continue its decarbonization efforts by attracting significant investments. This will require a clear and coherent strategy, supported by a stable regulatory environment that encourages both local and international players to develop high-quality projects. The ongoing war in Ukraine has underscored the importance of energy security, prompting Romania and its neighbours to focus on bolstering domestic energy supplies.
With its abundant energy resources, Romania is well-positioned to become a regional energy hub and a net energy exporter to neighbouring countries in the years to come.
Romanian companies have responded by enhancing their agility, resilience, and energy independence, often through digital transformation and energy efficiency initiatives. Investor interest in Romania’s energy sector, particularly in renewable energy, is expected to remain robust in the coming years. However, there is currently a shortage of high-quality, ready-to-build and renewable energy projects available for investment, despite strong demand.
We anticipate increased interest in hybrid renewable energy projects – those that integrate energy storage solutions – and green hydrogen investments. Some industry players are already positioning themselves to implement these technologies in the near future, with a focus on clean fuel transport, distribution, and storage. Beyond renewables, we expect to see heightened energy trading activity within an increasingly interconnected European market.
There is growing interest from companies both within and outside Europe in obtaining gas and energy trader licences in Romania. Additionally, investors are showing interest in Romania’s natural resources, including oil exploration, metal extraction, and various energy sources such as onshore and offshore oil and gas, wind (both onshore and potential offshore), solar, biomass, hydropower, geothermal, and nuclear.
With its abundant energy resources, Romania is well-positioned to become a regional energy hub and a net energy exporter to neighbouring countries in the years to come. To realise this potential, it is essential that all stakeholders – authorities, investors, financial institutions, and civil society -work collaboratively to establish and implement appropriate regulations.
Overcoming existing hurdles and ensuring regulatory predictability will be crucial in deploying green projects that will ultimately benefit all Romanian citizens by providing safe, secure, and clean energy sources.
