Norton Rose Fulbright advises banks on PLN 400 million refinancing of 175 MWp PV portfolio

Global law firm Norton Rose Fulbright has advised mBank and Bank Millennium on the PLN 400 million (EUR 94.12 million) refinancing of an operating 175 MWp PV portfolio located in Poland and sponsored by ib vogt GmbH.

The portfolio comprises the 40 MWp Ziębice PV installation, located in Lipa, Ziębice Commune, Dolnośląskie Voivodship, and the 135 MWp Zamość PV installation, located in Płoskie, Kąty Drugie and Hubale, Zamość Commune, Lubelskie Voivodship, both in Poland.

Ib vogt is a leading international solar and battery storage developer, committed to advancing the decarbonisation of the power sector. Headquartered in Berlin and operating in more than 35 countries, the company delivers utility-scale PV and storage projects as well as expanding its independent power producer (IPP) portfolio. With a team of over 900 employees worldwide, ib vogt covers the full value chain - from development, financing and EPC through to operations and asset management. To date, it has built or is constructing over 4.7 GW of PV power plants and holds a project pipeline of more than 55 GWp.

The Warsaw-based Norton Rose Fulbright team drafted and negotiated the facilities agreement, security documents and treasury transaction documents, as well as conducted full legal due diligence of the financed PV portfolio.

The team was led by associate Karolina Majcher and partner Tomasz Rogalski, head of the energy and infrastructure practice in Warsaw, and included senior associate Igor Kondratowicz-Laderski, associates Karolina Lepakiewicz, Daniel Książek and Michał Rutkowski, and lawyers Antoni Krzyżanowski, Natalia Rybak, Dominika Wojtkowska, Wiktoria Jadczak, Mikołaj Rydzewski, Michał Odolczyk and Mikołaj Wołczyński (finance aspects of the transaction), counsel Krzysztof Gorzelak, associate Daniel Książek and lawyer Antoni Krzyżanowski (hedging aspects of the transaction), as well as counsel Cezary Zawiślak, associates Paula Stępień, Magdalena Olechniewicz-Blocher, Bartosz Odziemkowski, Martyna Orłowska and Aleksandra Szostak, and lawyers Nina Strzelczyk, Mikołaj Wołczyński and Michał Odolczyk (legal due diligence and regulatory aspects of the transaction).

Partner Arturo Sferruzza and lawyer Regan Eastwood from the firm's Milan office advised on English law aspects, while partner Veit Sahlfeld and associate Marvin Nimoh from the firm's Hamburg office provided German law advice.

Tomasz Rogalski commented:

"We are delighted to continue our long-standing collaboration with mBank and Bank Millennium on this refinancing of ib vogt's PV portfolio in Poland. This transaction highlights both the growing scale and complexity of renewable energy projects in Poland and our ability to provide practical, well-structured legal solutions for sophisticated financings. Working alongside trusted banking partners on high-value assets reinforces our commitment to supporting sustainable energy initiatives and advancing Poland's energy transition. We are proud to contribute to projects that not only meet financial objectives but also help drive a greener, more sustainable future."