Dentons has advised a consortium of three banks – EBRD, PKO Bank Polski and Bank Pekao – in connection with the PLN 763 million financing provided to GOLDBECK SOLAR and Respect Energy for the construction of the largest standalone photovoltaic farm in Poland. The investment will be located in Zwartowo, in the Wejherowo district of Pomerania.

Constructed by the German company GOLDBECK SOLAR, the 300 ha Zwartowo photovoltaic farm will be the largest of its kind in Central and Eastern Europe. The Polish company Respect Energy is responsible for offtake of energy and guarantees of origin. The first phase of the project, to be launched in June 2022, will generate 204 MW of power. Ultimately, the PV farm will have a capacity of 286 MW, generating about 270 GWh of green electricity per year, which will cover the needs of about 153,000 households.

The Firm’s lawyers and solicitors provided comprehensive support to the lenders in the preparation, negotiation and signing of the financing documents, including securities and hedging documentation.

"The energy transition towards achieving a balanced energy mix with the highest possible share of renewable energy sources RES will be crucial for our economy in the years ahead. We are especially pleased to support our clients in such a significant project, largely contributing to climate neutrality in Poland", said Tomasz Zwoliński, partner in the Banking and Finance team in Dentons' Warsaw office, who supervised the transaction.

Tomasz Zwoliński was assisted by Warsaw-based senior associate Katarzyna Mazur, associate Wiktor Zień and of counsel Marcin Bartczak. The project was supported by the Energy and Natural Resources team in Warsaw: partner Agnieszka Kulińska, managing counsel Michał Motylewski, and senior associates Mikołaj Kępas and Piotr Michajłow, as well as Dariusz Stolarek, partner, and Damian Bugaj, senior associate, from the Tax practice. Dentons’ team in Poland cooperated on the transaction with partner Axel Schlieter and senior associate Julia Heitmann from the Banking and Finance team in Dentons’ office in Düsseldorf.

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