Clifford Chance has advised a consortium of banks on their agreement for a revolving credit facility of up to PLN 1 billion and a term loan of up to PLN 1.5 billion with Enea, granted as a sustainability-linked loan. Allen & Overy advised Enea.
The banks included PKO Bank Polski, Bank Gospodarstwa Krajowego, Bank Pekao, Alior Bank, and Bank of China Oddzial w Polsce. Bank Pekao coordinated the process.
Enea is a Polish power industry company and electricity producer based in Poznan.
According to Clifford Chance, "the margin will depend on the achievement of indicators related to sustainable development, i.e., the carbon dioxide emission reduction indicator and an increase in the share of renewable energy sources in the production structure of the Enea capital group. The correctness of the KPI calculation will be confirmed by an independent auditor." Enea will allocate the amount resulting from the margin reduction to non-governmental organizations, the firm announced, "on the terms set out in the facilities agreement. The funds obtained by the company will be used among other things to finance and refinance its capital expenditures related to the modernization or maintenance of its distribution grid and renewable energy sources."
Clifford Chance’s team included Partner Andrzej Stosio, Counsel Kacper Bardan, Senior Associate Maksymilian Jarzabek, and Associate Aleksander Smakosz.
Allen & Overy’s team included Partner Tomasz Kawczynski and Senior Associate Konrad Zawistowski.