Dentons advises mBank on financing for 62.7 MW Polish solar portfolio

Dentons has advised mBank, acting as lender, on the financing of Project Vistula, a 62.7 MW portfolio of solar photovoltaic projects in Poland developed by London-based independent power platform Gülermak Renewables.

The PLN 152.9 million financing will support the construction and operation of five solar assets: Brodnica I and II, Glinnik I and II, and Powidz. All projects are currently under construction, with Powidz expected to be the first to enter commercial operation later this year.

The financing establishes a repeatable framework to support Gülermak Renewables' continued expansion in Poland and selected other European markets. The successful financial close is underpinned by a dual revenue structure: a government-guaranteed contract for difference providing long-term contracted revenue, complemented by a multi-site route-to-market agreement with Hekla Energy covering Brodnica and Powidz and running through to 2030.

The mBank team included Gracjan Biskup, Piotr Ziopaja and Daniel Uścimiak, while the Gülermak Renewables team included Turkekul Dogan, Zeyp Kurt, Beyza Sirkeci, Patrycja Bojdo and Menelaos Vakalopoulos.

Dentons' services were supervised by Adriana Mierzwa-Bronikowska, partner and head of the Projects practice in the Warsaw office. Managing counsel Aleksander Haleniuk led the work on the preparation, negotiation and execution of the finance documents, supported by associate Monika Niedopytała.

Managing counsel Maciej Ziółkowski led the due diligence work on the transaction, supported by associates Gracjan Bielawski, Zofia Szewczuk and Bartłomiej Książek. Energy-related work was supervised by Piotr Ciołkowski, partner and co-head of the Energy and Natural Resources practice.

Senior associate Bartłomiej Ślemp and associate Kacper Miller were responsible for drafting bankable EPC contracts with the general contractor and the subcontractor.

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