Norton Rose Fulbright advises banks on PLN 637 million financing of 310 MW PV portfolio in Poland

Global law firm Norton Rose Fulbright has advised Santander Bank Polska, Bank Millennium and UniCredit on a PLN 637 million refinancing of the construction phase expenditures of a portfolio of nine photovoltaic (PV) projects a total installed capacity of 310 MW, developed by five special purpose vehicles (SPVs) sponsored by PAD RES Group.

The projects are spread throughout north-western Poland. The total annual electricity production capacity of the portfolio is approximately 329 GWh, which is expected to cover the annual electricity demand of nearly 110,000 Polish households.

PAD RES Group is a Polish developer and investor in clean energy sources, specializing in large-scale renewable energy projects as well as grid and distribution infrastructure investments. Established in 2010, the company successfully develops its projects from the ground up through to the operational phase and manages operating projects as an independent power producer. The Group plans to focus on further expansion of the PAD RES Group portfolio, which includes photovoltaic and wind projects, as well as energy storage and biogas investments, at various stages of development - from early-stage to ready-to-build.

The Norton Rose Fulbright team was led by senior associate Igor Kondratowicz-Laderski and included associates Mateusz Czuba and Bartosz Odziemkowski and lawyers Antoni Krzyżanowski, Michał Odolczyk and Filip Krasuski. The entire Norton Rose Fulbright team worked under the supervision of energy and project finance partner Tomasz Rogalski.

Igor Kondratowicz-Laderski commented:

"We are pleased to have supported the lenders on this significant transaction for the PAD RES Group. The successful closing of a PLN 637 million financing for a large operational PV portfolio demonstrates the continued appetite of financial institutions for high-quality renewable energy assets in Poland. Transactions of this scale play an important role in strengthening the stability of renewable portfolios and supporting the further development of the Polish energy transition."