Dentons’ Banking and Finance practice team advised Banco Santander, Santander Bank Polska, EIB, CaixaBank and EKF, Denmark’s Export Credit Agency, in relation to financing granted to subsidiaries of EDP Renewables for the development, construction and operation of six wind farms with a total capacity of approximately 150 MW. EIB’s share in the financing totals PLN 304 million (€66 million) while Banco Santander, Santander Bank Polska and CaixaBank are providing the remaining PLN 370 million (€81 million) of the financing, partly backed by an ECA guarantee provided by EKF.

The portfolio includes six wind farms dispersed across Poland, in Kozłowo, Krasin, Lichnowy, Chojnice, Piątkowo and Bogoria. Some of the power projects are either in the advanced phase of development or fully operational.

Dentons’ legal advice involved comprehensive support to the finance parties in preparing, negotiating and executing the finance documents and guarantee, carrying out legal due diligence on the project and advising on renewable energy regulations. The finance documents were governed by English and Polish law.

“We are proud to have assisted our clients on this important deal. The scale and financing structure of this project are unique, and it is one of the most significant financing transactions in the Polish market,” said Piotr Nerwiński, partner in Dentons’ Banking and Finance team in Warsaw, who supervised the transaction. “We are also happy to see the growing scale of private investment being mobilized for sustainable projects in Poland thanks to the involvement of multilateral institutions, which play a key role in efforts to address climate change,” he added.

Piotr Nerwiński was supported by associate Jakub Walawski, managing counsel Tomasz Zwoliński and associate Katarzyna Kaptur from the Banking and Finance team in Warsaw. Mark Segall, partner in the team, advised on the English law aspects of the transaction. Partner Agnieszka Kulińska together with senior associates Lena Boczkaja, Filip Raubo and Piotr Michajłow as well as associate Mikołaj Kępas from Energy and Natural Resources team were responsible for the project aspects of the transaction.