Dentons’ Banking and Finance team in Poland advised ING Bank Śląski on a multimillion acquisition financing and refinancing of a portfolio of Polish solar projects with an aggregate capacity of 45 MW. The financing was granted to a project company controlled by a fund managed by Aberdeen Standard Investments.

The transaction involved 22 obligors, which significantly increased the complexity of the process and documentation. The finance documents are subject to Polish, English and Swiss law.

Agnieszka Lipska, partner in Banking and Finance team, led the transaction supported by associates Łukasz Błaszczak, Jakub Walawski, Andrzej Sarnacki, Dominika Krysiak-Bogdzio and Katarzyna Kaptur. Partner Agnieszka Kulińska, senior associate Jan Dubiński and associate Filip Ruciński from Energy and Natural Resources team were responsible for the project aspects of the transaction.

“We are delighted to see the continuous boom in the Polish renewable energy sector, despite the COVID-19 pandemic. Financial institutions, both domestic and international, are eager to continue to finance the renewables market and the Polish government has expressed its intention to adopt legislation making certain concessions to market players in these challenging conditions,” said Agnieszka Lipska. “I am proud that, even in these challenging working conditions, our team delivered high-quality services without any delay,” she added.

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