Norton Rose Fulbright advises mBank on PLN 90.8 million financing of PV and BESS portfolio in Poland

Global law firm Norton Rose Fulbright has advised mBank S.A. in connection with the PLN 90.8 million refinancing and construction financing of a renewable energy portfolio comprising photovoltaic (PV) assets and battery energy storage systems (BESS) in Poland. The portfolio is sponsored by WMC PV and Polski Zielony Fundusz FIZ (managed by ARP TFI S.A.). The financing supports WMC PV's rapid growth and continued expansion of hybrid renewable energy portfolios that combine photovoltaic generation with co-located battery energy storage across Poland.

The financing supports the refinancing of existing indebtedness, further expansion of operational photovoltaic assets and the construction of new co-located battery energy storage facilities. mBank acted as agent, security agent, original lender and account bank in relation to the financing.

The transaction is notable for combining refinancing and construction financing within a single financing structure covering assets at different stages of life. The financing required tailored solutions to address the distinct risk profiles of operational PV projects and build-stage BESS assets.

An additional layer of complexity arose from the partial coverage of the financing by a KUKE guarantee, requiring the alignment of commercial financing arrangements with guarantee-related requirements and documentation.

The transaction reflects the continued growth of hybrid renewable energy portfolios in Poland and increasing lender appetite for projects combining renewable generation with battery storage solutions. As the Polish energy market continues to evolve, BESS projects are expected to play an increasingly important role in enhancing grid flexibility and supporting the integration of renewable energy sources.

The finance workstream was led by associate Jakub Wiatrzyk and included senior associate Karolina Majcher and associates Daniel Książek and Natalia Rybak. The project workstream was led by counsel Cezary Zawiślak and included associate Bartosz Odziemkowski. The entire Norton Rose Fulbright team worked under the supervision of energy and project finance partner Tomasz Rogalski.

The mBank deal team was led by Mateusz Zieliński and Mateusz Mańkowski. On the sponsor side, the WMC PV deal team was led by Michał Witych, Marcin Pabian, Andrzej Bućko and Jakub Janacz, while the ARP TFI team included Michał Handzlik, Tomasz Tomasiak, Jacek Pałka and Benedykt Brzozowski.

Tomasz Rogalski and Jakub Wiatrzyk commented:

"This transaction demonstrates the continued maturation of the Polish renewable energy market and the growing role of battery energy storage in energy transition projects. By combining PV assets with BESS installations and incorporating KUKE-backed financing, the transaction brings together several important market trends within a single financing structure. We are delighted to have supported mBank on this important financing."