Clifford Chance has advised R.Power on a power purchase agreement for a 300-megawatt solar plant portfolio in Poland with Axpo Polska. Wolf Theiss advised Axpo.
"The contract covers a portfolio of solar plants currently under construction throughout Poland, with an installed capacity of nearly 300 megawatts-peak," Axpo informed. "The individual plants have a projected capacity ranging from 0.3 megawatts-peak to 30 megawatts-peak, and will be put into operation gradually, with full production expected by mid-2023."
According to Wolf Theiss, Axpo Polska will buy the full output generated by the solar plants between 2022 and 2026 and will act as the balancing agent for the project portfolio.
Axpo is a Swiss renewable energy producer, also specializing in energy trading and solar and wind power marketing.
R.Power is a Warsaw-headquartered solar energy developer. Established in 2012, the company has a presence in Poland, Italy, Portugal, Spain, the Netherlands, and Germany.
"The agreement signed between Axpo and R.Power Group is one of the largest solar PPAs ever concluded in the Polish energy market and demonstrates that Axpo intends to take a leading position marketing solar energy in Poland," Axpo Polska Head of Origination Pawel Wierzbicki commented. "We will continue to cooperate with the R.Power Group on other solar projects that will also accelerate the Polish energy transition."
"Building strong relationships with reliable off-takers, which have an international presence, like Axpo is our priority to enhance scaling up R.Power Group activity and securing the commercialization and bankability of our new photovoltaic projects, both in Poland and abroad, as our solar portfolio continues to expand in our priority European markets," R.Power Group Board Member Tomasz Sek added.
The Clifford Chance team was led by Counsel Pawel Puacz and included Senior Associate Marcin Markowski and Junior Associate Maja Kubit.
The Wolf Theiss team was led by Counsel Konrad Kosicki.
