Clifford Chance has advised ING Bank Slaski S.A. on a facility agreement for PLN 44.5 million financing of the PV farms under construction by Polenergia Farma Wiatrowa 17 sp. z o.o., a subsidiary of the Polenergia private energy group in Poland.
The financing will allow PFW 17 to develop PV projects with a total capacity of up to 20 megawatts. According to Clifford Chance, this is one of the first transactions on the Polish market consisting of the financing and refinancing of PV farms in an auction-based system.
Under the agreement, ING Bank Slaski will grant Polenergia Farma Wiatrowa 17 a loan of up to PLN 15.5 million for, among other things, refinancing of the construction costs of eight PV farms with a total capacity of approximately 8 megawatts located in the Lubuskie Voivodeship in the Sulechow municipality of Poland.
Additionally, the agreement provides financing of the construction of additional PV farms with a total capacity of up to 12 megawatts and for VAT financing for PLN 29 million, subject to, among other things, winning the RES auction and making the decision to invest.
The Clifford Chance team consisted of Partner Andrzej Stosio, Counsel Pawel Puacz, Seniors Associate Michal Jadwisiak, and Associates Piotr Weclawowicz and Zuzanna Potoczna.