Dentons has advised DNB Bank ASA and mBank S.A. on extending a revolving credit facility to Greenvolt Power, a company belonging to Greenvolt Group, which specializes in wind and solar projects. The €90 million credit facility will be utilized to finance the construction of wind farms and large-scale photovoltaic projects in Poland.

”The revolving credit line is an instrument that provides the investor with flexible access to capital. After the construction and sale of the project, Greenvolt Power will have the opportunity to reuse the credit and include new projects in the financing. It is not a typical product for the renewable energy sector, where traditionally financing is provided in the form of long-term, 10-to-15-year loans for specific projects. This innovative financing may encourage other companies to invest in Poland, as it shows that financial institutions are willing to create flexible credit products to support the renewable energy sector”, said Piotr Nerwiński, Partner and Co-head of Dentons’ Banking and Finance practice in Warsaw.

Dentons advised the banks on the finance documents, due diligence of the projects, renewable energy regulations, and tax law. Piotr Nerwiński supervised the transaction with assistance from Jakub Walawski (Senior Associate) and Małgorzata Czarnecka (Associate) from the Banking and Finance team. Dr Christian Schnell, Partner and Co-Head of Europe Energy Sector Group, supervised the project-related aspects of the transaction, supported by Ewa Gołąbek (Associate). Dariusz Stolarek, Partner in the Tax team, led the tax advice.

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