28
Sun, Apr
27 New Articles

DLA Piper and Dentons Advise on ONDE Sale of Cyranka to Engie Zielona Energia

DLA Piper and Dentons Advise on ONDE Sale of Cyranka to Engie Zielona Energia

Poland
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

DLA Piper has advised ONDE on its sale of two photovoltaic power plants in Gizycko with a total capacity of 18 megawatts to Engie Zielona Energia in a share deal for all shares in Cyranka. Dentons advised Engie on the acquisition.

According to DLA Piper, "this transaction is the first development project implemented by ONDE in the develop, build, and sell formula. ONDE intends to allocate the acquired funds to the implementation of further power plants from its portfolio." Its investment pipeline has a potential of 769 megawatts, of which projects totaling 209 megawatts already have a building permit. 

"The value of Cyranka in the enterprise value formula was set at approximately PLN 75 million. The final amount that ONDE received from the buyer as part of the transaction was adjusted by the value of net working capital and the value of Cyranka's net debt, including debt from loans to finance the construction of the above-mentioned photovoltaic power plants, which the buyer undertook to repay under the transaction," DLA Piper reported.

ONDE is an infrastructure contractor for the renewable energy sector in Poland specializing in the construction of wind and photovoltaic farms. Part of the Erbud Group, ONDE is a public company that has been listed on the Warsaw Stock Exchange since 2021.

Engie Group company Engie Zielona Energia operates in the renewable energy sector to generate energy, sell electricity and gas to end users, manage portfolios, trade energy, and sell and install photovoltaic installations.

ONDE's 18-megawatt Cyranka PV project received a new financing from mBank earlier this year (as reported by CEE Legal Matters on February 2, 2023).

The DLA Piper team included Partner Jakub Domalik-Plakwicz, Counsel Marek Kleczek, and Associates Kamila Mozdzen and Arkadiusz Karwala.

The Dentons team included Partner Agnieszka Kulinska, Counsel Filip Raubo, and Associate Julia Krynska, working with a larger due diligence team.

DLA Piper at a Glance

DLA Piper is a global law firm with lawyers located in more than 40 countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacific, helping clients with their legal needs around the world. We strive to be the leading global full-service law firm by delivering quality and value to our clients. With practical and innovative legal solutions, we help our clients succeed.

In Central and Eastern Europe (CEE), DLA Piper continues to grow and now employs more than 320 lawyers, including 46 partners across its six offices in Austria, the Czech Republic, Hungary, Poland, Romania and Slovakia. With our global set-up and established relationship firms across all other CEE jurisdictions, we are among the largest and most experienced international law firms in the region. Through our experience gained advising on a variety of high-profile projects and the long-term relationships we have established with our clients, we have built a reputation as a leading business law firm across CEE.

Firm's website.