CMS has advised a consortium of Polish and foreign institutions, which included facility agent and security agent Bank Pekao and mandated lead arrangers, sole bookrunners, and underwriters European Investment Bank, mBank, Bank Ochrony Srodowiska, Erste Group Bank AG, Standard Chartered Bank, and Kommunalkredit Austria, on a waste-to-energy PPP project in Olsztyn, Poland.
According to CMS, “the value of the investment, consisting of a thermal waste processing installation to produce electricity and heat from municipal waste, and a peak load boiler house to ensure heat production during peak demand periods, is approximately PLN 800 million net. This is the largest project in a PPP formula carried out so far in Poland in the municipal sector, which is also part of the green transformation policy.” According to the firm, “the project was financed in a project finance formula and included PLN 172 million support from the EU Operational Programme Infrastructure and Environment provided through the National Fund for Environmental Protection and Water Management."
Furthermore, according to CMS, on the part of the public sector, the project was sponsored by Miejskie Przedsiebiorstwo Energetyki Cieplnej sp. z o.o in Olsztyn, which entered into a PPP agreement with a special purpose vehicle owned by infrastructural fund Meridiam and Spanish concern Urbaser.
CMS’s team included Partners Marcin Bejm, Michal Mezykowski, and Ana Radnev, Senior Associates Wojciech Szopinski, Adam Kedziora, Konrad Leszko, and Roksana Pietrzak, and Lawyers Piotr Galazka, Patrycja Styczynska, Alicja Smyklinska, Piotr Lipinski, and Karol Scibor.
CMS did not reply to our inquiry on the deal.