The law “On Amending Certain Laws of Ukraine in Connection with the Ratification of the Convention on Choice of Court Agreements” (the “Law”) came into effect on October 15, 2022. In 2021, the Ukrainian Parliament had made this Law a condition for the ratification of the Hague Convention of June 30, 2005 on the Choice of Court Agreements (the “Convention”).

Entrepreneurs in difficulty, who are struggling with the performance of a contract, may benefit from a restructuring procedure. Any restructuring procedure guarantees the protection of executed contracts, with the most effective solution being the reorganization procedure (postępowanie sanacyjne).

Dentons has advised PKO Bank Polski on the financing granted to Wind Farm Lada – a company controlled by Re Alloys and, indirectly, by Luma Holding – for the construction of the 35-megawatt Dzwola onshore wind power project. 

Extraordinary circumstances, such as the Covid-19 pandemic or the war in Ukraine, and all that goes with them, including high inflation, which manifests itself in skyrocketing prices for raw materials, other supplies, energy, and labor, prevent contracts from being performed on schedule. Price indexation can effectively restore economic equilibrium for parties to public procurement contracts.

Dentons has advised HB Reavis on obtaining a EUR 475 million financing from Santander Bank Polska, Bank Pekao, Helaba, and Berlin Hyp for the development of the Varso Place building complex in Warsaw. DLA Piper reportedly advised the lenders.

Dentons has advised Romanian state-owned CEC Bank on the establishment of its EUR 600 million medium-term note program and its first two issuances amounting to over EUR 249 million. Clifford Chance advised arrangers Citigroup and Raiffeisen Bank International.

Zavisin, Semiz & Partneri and Dentons have advised a banking consortium on their EUR 155 million financing for the 103.3-megawatt Krivaca wind farm project co-owned by Serbia’s MK Group and Slovenia’s ALFI Green Energy Fund. Karanovic & Partners advised the Axpo Group on its market-terms long-term PPA with the Krivaca project company.

Dentons has advised DRFG on its acquisition of the Ister II project company from the Galata Group. Nosko & Partners reportedly advised the seller.

New regulations allowing employers to carry out preventive and ad hoc sobriety checks on employees will come into effect on February 21, 2023. Employers will be allowed to start the checks two weeks after they publish relevant regulations in the workplace.

Recently local authorities have been hit by rising electricity costs. No-one’s surprised nowadays when electricity purchase prices rise by several hundred percent or when tenders are repeatedly cancelled. As a result, local authorities often decide to take radical steps - temporary closures of public facilities, limited street lighting or turning off the illumination of buildings have become standard in some towns and cities. There’s no doubt that a major part of the electricity purchased by local government goes on street lighting systems, which are often inefficient in terms of energy consumption. In many cases, it might be a good idea to have a look at using public-private partnerships as a way to upgrade street lighting systems and cut electricity requirements. It is also worth taking note that developing this model for implementing public tasks in the street lighting sector is explicitly included in the strategic document Polish Energy Policy until 2040 issued by the Ministry of Climate and Environment and setting the framework for the energy transition in Poland.

Roedl & Partner, working with Bird & Bird, has advised Sunfarming on expanding its partnership with Hansainvest through a EUR 50 million mezzanine financing for 231 Polish photovoltaic projects. Dentons, working with Baker Tilly, advised Hansainvest on providing the financing.

Did You Know that, according to the Activity Rankings function of the CEELMDirect website, nine law firms in Central and Eastern Europe got off to an exceptionally strong start in 2023, with five client matters or more reported on by CEE Legal Matters in the first month of the year alone?

The new NIS2 Directive will replace the current NIS Directive on security of network and information systems.

Dentons has advised Develia on its preliminary agreement for the EUR 70 million sale of the Wola Retro office building in Warsaw with the Adventum Group. Act BSWW advised Adventum.

On 14 December 2022 the lower house, Sejm, passed a bill on family foundations. The law was then sent to the Senate, where amendments were made to it, now pending before the Sejm. Regardless of these legislative works, it is expected that the law will come into force 3 months after its promulgation. It should therefore be possible to establish a family foundation as early as the first half of 2023. 

As of 1 January 2023, new conditions govern aid in the Polish Investment Zone (PIZ), as indicated in the new regulation implementing the Act on supporting new investments (the new PIZ regulation).

Did You Know that, according to the Activity Rankings function of the CEELMDirect website, Clifford Chance’s Andrzej Stosio, Norton Rose Fulbright’s Warsaw Managing Partner Grzegorz Dyczkowski, and Mark Harrison, the Founder and Principal of Harrisons, all worked on six reported Banking & Finance deals in the past 12 months, placing them in a three-way tie for first place in CEE over that time?

Dentons has successfully represented the interests of Porsche Inter Auto Polska in multiple cases concerning excise taxation on intra-community acquisitions of passenger cars before the Provincial Administrative Court in Warsaw and the Supreme Administrative Court.