Dentons advises mBank on financing another photovoltaic project of the Budimex Group

Dentons has advised mBank on granting financing to Fotowoltaika HIG XIV sp. z o.o. (owned by Budimex S.A.) for the development, construction and operation of the Kamelia project - a photovoltaic farm in Wymysłowo (Masovian Province in Poland). The financing includes an investment loan and a Debt Service Ratio loan (DSRF loan) in the total amount of PLN 63.7 million (€14.8 million).

Kamelia is a strategic investment involving the installation of 33,870 panels with a total capacity of 21 MW. The project is distinguished by its unusual east-west layout, which allows for a more even use of solar radiation throughout the day.

This is mBank's second financing transaction of a renewable energy project implemented by the Budimex Group, which our law firm advised on. In July 2025, Dentons' Banking and Finance and Energy and Natural Resources teams advised on the financing of the Azalia photovoltaic project. Thanks to these two projects, the Budimex Group has achieved this year a total of over 90 MW of green energy production capacity, meeting both its internal needs and those of external customers.

Dentons provided comprehensive assistance to the lender in preparing and negotiating the finance documents, conducting due diligence, as well as advising on the analysis of specific project issues, including the model of concluded PPA agreements.

The transaction was led by partner Tomasz Zwoliński with the support of associate Rafał Baranowski from the Banking and Finance team in Warsaw.

Energy-related aspects and the preparation of the due diligence report were provided by counsel Maciej Ziółkowski with the support of associates Gracjan Bielawski, Aleksandra Pędzich, Bartłomiej Kielasiński from the Energy and Natural Resources team and associate Martyna Oziembała from the Corporate team. Partner Piotr Ciołkowski, Co-Head of Energy and Natural Resources practice, supervised the entire energy project.

The in-house financing team from mBank included Michał Konkol, Daniel Uścimiak, Patryk Pęksyk. The in-house transaction team from Budimex Group consisted of Roman Skrzyniarz, Zbigniew Kamecki, Piotr Bińkowski, Adam Skwarski, Tomasz Grzęda, Daniel Krasiński, Mikołaj Cegielski, Wojciech Rutecki, Antoni Marciniak i Michał Komar.

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