Dentons has advised EBRD and Eiffel Investment Group (Eiffel) on providing a bridge financing loan of €45 million to support the construction and operation of photovoltaic power plants by PL-SUN, a holding company incorporated in Poland.

The loan will consist of equal contributions of €22.5 million from each institution – it will finance the construction of a portfolio of 16 solar photovoltaic power plants with a total installed capacity of 114.7 MW across Poland. The plants are expected to produce a total of 122.5 GWh of electricity annually and contribute to the reduction of CO2 emissions by 88,000 tons per year.

This is the first project co-financed under a new partnership between Eiffel and EBRD, aimed at accelerating the green transition. Both institutions signed a memorandum in December 2023, defining their cooperation in implementing joint bridge financing to speed up the development of renewable energy sources in Central and Eastern Europe.

“I am pleased that we can be part of the commitment of EBRD and Eiffel to developing green energy in the Polish market. We are witnessing a real breakthrough – an international financial institution and an independent asset manager have joined forces in a pioneering way. This opens the door to new financing models in the renewable energy sector and is a clear signal that the green transformation of Poland is on the way, heading in the right direction,” said Piotr Nerwiński, Partner, Co-Head of the Banking and Finance practice team in Dentons’ Warsaw office.

The transaction involving the negotiation and conclusion of the financial documentation was supervised by partner Piotr Nerwiński with the support of Tomasz Zwoliński (Partner). Jakub Walawski (Senior Associate) led the main works with assistance from Małgorzata Czarnecka (Associate) and Jakub Olejniczak (Associate). Dr Christian Schnell, Partner and Co-Head of Europe Energy Sector Group, supervised the project-related aspects of the transaction, supported by Joanna Świostek (Senior Associate).

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