Norton Rose Fulbright advises mBank on financing construction of 98 MWp PV portfolio sponsored by Sunly

Global law firm Norton Rose Fulbright advised mBank on financing the construction of 98 MWp PV portfolio sponsored by Sunly.

The financing will be used to roll out 58 projects. Most of them will be located in the south of Poland, but individual installations are also planned in other regions. The majority of the electricity generated by this portfolio will be based on merchant risk.

Sunly is an independent energy producer who develops renewable energy projects in the Baltics and Poland. It also manages a renewable energy and electrification portfolio of start-ups in Estonia. Sunly was established in 2019 by a synergic team of experts previously proven in the renewable energy sector. In 2022, Sunly acquired one of the leading Polish solar power developers and EPC contractors, Alseva, to drive the green transition in Poland. Sunly has local teams based in Estonia, Latvia, Lithuania and Poland.

The banking and finance team was led by senior associate Igor Kondratowicz and included associate Karolina Lepakiewicz and lawyer Wiktoria Jadczak. The due diligence team was led by senior associate Cezary Zawiślak and comprised of associate Cezary Zientecki, as well as lawyers Bartosz Odziemkowski and Mikołaj Wołczyński. The entire Norton Rose Fulbright team worked under the supervision of partner Tomasz Rogalski.

Tomasz Rogalski commented:

“We are pleased to have once again advised mBank on a project finance transaction in the Polish renewable energy sector, reaffirming our commitment to supporting them in sustainable energy initiatives. This transaction underscores our ability to navigate and facilitate large-scale projects and continues to demonstrate our capabilities in Poland merchant-based project financings, where the Sunly transaction marks the third such transaction for our team in the last couple of months. This joint effort with Sunly, a leading player in the renewable energy sector in CEE, further strengthens our shared commitment to driving the green transition. We look forward to continuing our commitment to sustainable projects globally."