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Dentons Advises Enlight Renewable Energy on Construction and Financing of Solar Power Plants in Hungary

Dentons Advises Enlight Renewable Energy on Construction and Financing of Solar Power Plants in Hungary

Deals and Cases

Dentons has advised Enlight Renewable Energy on contract negotiations for the construction of three solar power plants in Hungary, with an aggregate capacity of approximately 57 MW. The firm also assisted Enlight in obtaining HUF 15 billion (around EUR 45 million) in financing for the project.

The financing documentation was subject to laws in Hungary, Great Britain, the USA, Israel, and Germany. Dentons Counsel Agnieszka Lipska negotiated the facility agreements and all other financing documentation, in addition to coordinating the efforts of the legal teams in all five jurisdictions. Warsaw-based Partner Mateusz Toczyski provided oversight on the financial aspects of the deal with assistance from Associate Lukasz Blaszczak.

Dentons describes Enlight Renewable Energy, a public company traded on TASE, as "the Israeli leader in initiating, developing, funding, building, and operating clean power ventures from renewable energy sources," and reports that "with current operations in Israel and Europe, Enlight has built and/or invested in more than 130 projects, generating total power of over 500 MW and additional 650 MW are in advanced stages of development."

Counsel Agnieszka Kulinska drafted the contracts for the construction, maintenance, and management of the solar power plants, the delivery and servicing of the solar panels, and the provision of ancillary services, as well as representing Enlight in negotiations with vendors.

Poland Managing Partner Arkadiusz Krasnodebski supervised the energy-related aspects of the project. Lawyers with Dentons Poland also coordinated the efforts of legal advisors in Hungary.

”In the coming years we will witness accelerated growth in solar energy projects," commented Krasnodebski. "The European solar power sector is forecast to grow by 40 GW to almost 160 GW by 2022. One factor contributing to this growth will be imports of solar panels from China, the world’s largest producer of these devices – now that the EU restrictions on imports of these panels, introduced in 2013, were lifted early in September. We are also seeing a shift in the attitude to solar energy in various countries. Several weeks ago, Spain’s government did away with the sun tax ('impuesto al sol') restricting the use of solar power for one’s own use. This tax was introduced three years ago and has since drawn universal criticism."

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