Norton Rose Fulbright advises banks on PLN 262 million financing of 100 MWp PV installations

Global law firm Norton Rose Fulbright has advised PKO Bank Polski and Bank Millennium on the PLN 262 million (EUR 62.15 million) financing construction of 2 neighbouring photovoltaic installations with combined capacity of up to 100 MWp, located in Grabno, Poland and sponsored by Afcon Renewable Energy.

The portfolio will consist of approximately 162,000 photovoltaic panels and 286 inverters connected to the high-voltage grid.

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

The finance workstream was led by associate Karolina Lepakiewicz and included associate Jakub Wiatrzyk and lawyer Antoni Krzyżanowski. The due diligence workstream was led by counsel Cezary Zawiślak and comprised associates Mateusz Czuba, Bartosz Odziemkowski, Martyna Orłowska, Aleksandra Szostak and Damian Pawlak, as well as lawyers Nina Strzelczyk and Mikołaj Wołczyński. The hedging workstream was led by counsel Krzysztof Gorzelak, supported by lawyers Natalia Rybak and Antoni Krzyżanowski. The entire Norton Rose Fulbright team worked under the supervision of energy and project finance partner Tomasz Rogalski.

Karolina Lepakiewicz commented:

"We are pleased to have supported PKO Bank Polski and Bank Millennium on this successful renewable energy financing, continuing our strong working relationships with both banks across a range of transactions in the renewables sector. This transaction reflects the increasing sophistication of renewable energy investments in Poland, incorporating solutions designed to accommodate future expansion, while addressing the regulatory, technical, and construction challenges of Poland's dynamic renewables market."

Afcon Renewable Energy Ltd, a subsidiary of Afcon Holdings, was established in 2020 and focuses on the development, financing, construction, management, and operation of renewable energy projects. The company combines innovative project development with strategic partnerships with institutional investors, delivering profitable and sustainable energy solutions across the entire project lifecycle.

PKO Bank Polski is the largest universal bank in Poland, a joint-stock company listed on the Warsaw Stock Exchange since 2004. The bank is a market leader in both retail and corporate banking, serving millions of clients and offering comprehensive financial services. As part of PKO Bank Polski Group's strategy for 2025-2027, the bank acknowledges the urgent need to support Poland's energy transition and intends to play a leading role in the financing - covering over 20 percent of the total expenditures that the banking sector will provide to implement this transformation.

Bank Millennium is a nationwide financial institution in Poland, providing comprehensive banking services to retail and corporate clients through a network of branches, relationship managers, and advanced digital channels. The bank places strong emphasis on technological innovation and personalised customer solutions, combining long-standing expertise in the Polish financial market with the international banking experience of its strategic shareholder, Banco Comercial Português (Millennium bcp), to deliver high-quality, integrated financial services across all key market segment.