Norton Rose Fulbright advises banks on PLN 864 million financing for R.Power’s PV installations with a capacity of 299 MWp in Poland

Global law firm Norton Rose Fulbright advised the club of banks comprising Bank Pekao S.A., Erste Group Bank AG, ING Bank Śląski S.A., PKO Bank Polski S.A. and Santander Bank Polska S.A. in relation to a PLN 864 million (€189 million) financing for the solar power plant portfolio of R.Power Group. The transaction is the largest PV power plant financing in Poland so far and the proceeds will be used to build solar power plants with a total capacity of 299 MWp, which succeeded in the last year’s Polish renewables support auctions.

The commercialisation of the projects has been secured in through a 15 years CfD contracts secured in the auction and a power purchase agreement with Axpo.

The Warsaw team was led by counsel Marta Kawecka and included associate Karolina Majcher, associate Oskar Sula and lawyer Michał Rutkowski. The team worked under the supervision of partner Grzegorz Dyczkowski who heads the Warsaw office and the firm’s Warsaw banking and finance practice.

Marta Kawecka commented:

“It has been an honour to once again be able to contribute to the financing of R.Power Group, which is one of the most successful green energy companies in Central Europe. This is a notable project for its size and structure and highlights our firm’s commitment to green energy transition.”

R.Power Group is the largest group in the photovoltaic sector in Poland, where it is currently developing a portfolio of photovoltaic farms with a capacity of over 6 GWp. R.Power Group develops projects in various European countries including Poland, Italy, Spain, Portugal and Romania. It operates throughout the entire value chain of the PV market. It develops power plant projects and builds them as well as provides management, maintenance and operation services for photovoltaic power plants and is a photovoltaic power producer.