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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

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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."

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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