Norton Rose Fulbright advises lenders on PLN 227 million refinancing of 114 MW solar PV portfolio in Poland

Global law firm Norton Rose Fulbright has advised a consortium of Polish financial institutions, comprising mBank and Bank Ochrony Środowiska, on a long-term refinancing facility of PLN 227 million (EUR 53.5 million) granted to special purpose vehicles controlled by Atsinaujinančios Energetikos Investicijos, a closed-end investment fund managed by Lords LB Asset Management.

The financing relates to a portfolio of 16 solar PV parks with a total installed capacity of 114 MW, owned by PL-SUN.

The new loan will be used to:

• refinance prior construction financing provided by Eiffel Investment Group and the European Bank for Reconstruction and Development (EBRD),
• cover remaining construction-related obligations,
• refinance part of the invested equity.

A Warsaw-based Norton Rose Fulbright team negotiated the facility agreement, security documents and treasury transaction documents, advised on hedging aspects, and conducted legal due diligence of the portfolio.

The finance workstream team was led by senior associate Daniel Popek and included lawyers Antoni Krzyżanowski, Mikołaj Rydzewski, Filip Krasuski, Wiktoria Jadczak and Dominika Kosmalska. The due diligence workstream was led by associate Bartosz Odziemkowski and comprised counsel Cezary Zawiślak, as well as associates Jakub Wiatrzyk, Martyna Orłowska and lawyer Michał Odolczyk. The entire Norton Rose Fulbright team worked under the supervision of energy and project finance partner Tomasz Rogalski.

The transaction involved the participation of several experienced market professionals. The lender teams included mBank, represented by Jacek Zwierzchowski, Tomasz Groyecki and Michał Pokrywa and Bank Ochrony Środowiska, represented by Mateusz Jarosiński and Filip Targowski. The sponsor team included Mantas Auruškevičius, Kristina Bugaitienė and Arnas Mikalauskas. Pekao Investment Banking S.A. acted as financial advisor to the Borrower, with the team led by Monika Karolak and Mateusz Wilczyński.

Daniel Popek commented:

"This transaction marks another significant step in supporting Poland's renewable energy sector. The refinancing structure demonstrates lenders' confidence in the long-term stability of this solar PV projects and underlines the growing maturity of the Polish RES market. We are proud to have contributed to a deal that strengthens the green transition and sets a benchmark for future investments."

Lords LB Asset Management is a Lithuania-based, licensed investment management company established in 2008, providing asset management services to institutional and professional investors. The firm focuses on real estate, private equity, energy and infrastructure investments and manages a range of closed-end funds across these asset classes. Lords LB Asset Management operates under the supervision of the Bank of Lithuania and has a strong track record of executing investments across the Baltic States and Central and Eastern Europe, with a particular emphasis on renewable energy and sustainable infrastructure projects.

mBank is one of the leading universal banking groups in Poland, providing a broad range of financial services to retail, corporate and institutional clients. The bank has a strong track record in financing renewable energy and sustainable infrastructure projects and is an active participant in the energy transition, supporting the development of Poland's renewable energy sector through tailored financing solutions.

Bank Ochrony Środowiska is a Polish commercial bank with a long-standing focus on financing environmentally sustainable projects and initiatives supporting climate protection and the energy transition. BOŚ plays a significant role in funding renewable energy investments in Poland, combining financial expertise with a mission-driven approach to promoting sustainable development and green technologies.