Dentons has advised PKO Bank Polski and the European Bank for Reconstruction and Development (EBRD) on providing debt financing for the construction of the Grąbkowo wind farm (31.5 MW) in Potęgowo and operational support for the Orla wind farm (37.5 MW). The transaction involved extending the EBRD’s financial package to PLN 126.1 million (equivalent to €29 million) and complementing it with a parallel loan from PKO Bank Polski. Both wind farms are operated by subsidiaries of Eurowatt Green Energy Group (Eurowatt), an international renewable energy producer with nearly 30 years of experience.
Both projects are part of Eurowatt’s ambition to develop, finance, build and operate over 500 MW of renewable energy projects across all technologies in Poland and are expected to significantly contribute to the transformation of the energy sector. The launch of the Grąbkowo wind farm, which will supply over 83 GWh of green energy annually, is expected to reduce CO2 emissions by 59,000 tons each year. The existing Orla wind farm produces 85 GWh of electricity annually.
Dentons’ Banking and Finance team advised the banks on the transaction, which included negotiating and concluding financial documentation. The project was supervised by partner Tomasz Zwoliński, with support from partner Piotr Nerwiński, Co-Head of the Banking and Finance team, Paweł Długoborski (counsel), Mateusz Ciechomski (associate), and Jakub Olejniczak (associate). Dr. Christian Schnell, partner, Head of the Energy team in Warsaw and Co-Head of the Europe Energy group, and Ewa Gołąbek (associate) oversaw the project-related aspects of the transaction. The team also included Marceli Kasperkiewicz (partner) and Justyna Obniska (associate) from the Corporate and M&A practice. Paris- based Jean-Marc Allix (partner) and Marine Hestroffer (associate), supported the client in the area of French law-governed security interests.
