Norton Rose Fulbright advises PKO Bank Polski on financing construction of 40 MWp PV portfolio for SUNfarming

Global law firm Norton Rose Fulbright advised PKO Bank Polski on financing construction of 40 MWp PV portfolio comprising 43 projects managed by SUNfarming.

The deal was complex due to its cross-border nature and the various aspects involved, including repayment considerations for existing bridge loans, mezzanine financing, and corporate matters related to transfers of shares in specific SPVs.

The finance stream of work was led by senior associate Daniel Popek and included associates Karolina Majcher and Jakub Wiatrzyk, as well as lawyers Wiktoria Jadczak, Natalia Rybak and Antoni Krzyżanowski. The legal due diligence stream of work was led by senior associate Cezary Zawiślak and included associate Mateusz Czuba and lawyer Bartosz Odziemkowski.

The German law advice was provided by lawyers based in Hamburg: partner Veit Sahlfeld and associate Arezou Wolf. The English law advice in relation to hedging aspects was delivered by lawyers based in London: partner Nigel Dickinson and associate Nicole Chiu.

The entire Norton Rose Fulbright team worked under the supervision of energy and project finance partner Tomasz Rogalski.

PKO Bank Polski’s team included Michał Słowik, Adam Kosmala, Marek Szwader, Dariusz Komur, Kinga Królikowska, Anna Marszałek, Dominik Gemra oraz Witold Dryl.

PKO Bank Polski is the largest universal bank in Poland, a joint-stock company listed on the Warsaw Stock Exchange since 2004. For over 100 years, the bank has been providing its customers with solutions, focusing on their needs on a daily basis. The bank consistently evolves, investing in development and responsibly implementing modern technologies to enable its clients to conveniently manage their finances anytime, anywhere. PKO Bank Polski takes pride in its history and Polish roots, aiming to continue making a positive impact on people, businesses, culture, and the environment. As one of the largest banks in Central and Eastern Europe, PKO Bank Polski responsibly cares for the interests of shareholders, customers, employees, and local communities.

SUNfarming Polska is a company within the German SUNfarming Group. Established in 2004 as a firm dedicated to delivering high quality, cooperative, and planning services under BBK (Federal Association for Biogenic & Renewable Fuels, now BRM, Federal Association for Renewable Mobility), it has evolved to specialize in investment management and project development. Today, SUNfarming focuses on the implementation and active support of photovoltaic projects for commercial and private power plants with a strong focus on Agri-Solar. With its experienced team of economists, engineers and electrical technicians, the firm has successfully delivered plants in a volume of totalling 650 MW. Additionally, the firm is responsible for the maintenance and upkeep of solar parks exceeding 350 MW, reflecting commitment to leaving a clean environment for future generations.

Daniel Popek commented:

"I am immensely proud of our involvement in this significant transaction. The financing was complex, involving cross-border elements and various financial considerations. Our team worked diligently to navigate through these complexities. This transaction highlights our commitment to supporting sustainable energy initiatives and investing in projects that have a positive impact on both the environment and the economy. Working on this transaction has been a rewarding experience and it is a testament to our team's dedication to delivering high-quality legal services that contribute to positive outcomes for our clients and society as a whole.”