Norton Rose Fulbright advises GOLDBECK SOLAR on the financing for the construction of the largest solar PV plant in Zwartowo in Poland

Global law firm Norton Rose Fulbright advised Goldbeck Solar on the financing for the construction of the largest PV installation in Central and Eastern Europe with aggregate capacity of 286 MWp located in Zwartowo in northern Poland.

Norton Rose Fulbright’s Warsaw team was led by senior associate Daniel Popek and counsel and head of energy practice Tomasz Rogalski and included associates Cezary Zawiślak and Jakub Kowalczyk, Karolina Majcher and paralegal Mateusz Głaz. Partner Dirk Trautmann, counsel Oliver Paasch and senior associate Serena Or led on the German and English law aspects of the transaction. Senior associate Krzysztof Gorzelak, associate Oskar Sula and lawyer Katarzyna Konarska advised on the hedging aspects.

Zwartowo PV installation, which is a joint venture between Goldbeck Solar and Respect Energy, will be financed by European Bank for Reconstruction and Development, Bank Polska Kasa Opieki and Powszechna Kasa Oszczędności Bank Polski. Bank Polska Kasa Opieki will act as the facility agent, security agent and account bank.

GOLDBECK SOLAR is an international company specializing in the turnkey construction of industrial, commercial and large-scale photovoltaic systems. The company’s team for this project was led by Olga Kovalchuk and Lewis Haffey and included Marta Fojcik and Piotr Dziobkowski. Goldbeck Solar was further supported by financial advisor Capcora (Alexander Kuhn, Christian Boehm and Bernhard Hofmann), and Chatham Financial (Hugo Cusani) assisted on the hedging aspects.

Olga Kovalchuk, head of project finance at Goldbeck Solar, said:

“Zwartowo is a unique project in terms of capital deployment, scale and impact, which sets a new standard for the Polish market and makes a significant contribution towards Poland’s energy transition. We are very pleased to have the support of Norton Rose Fulbright, which showed sheer dedication and professionalism throughout the whole transaction.“

Tomasz Rogalski, head of the energy practice at Norton Rose Fulbright in Warsaw and co-lead in this transaction, commented:

“We’re thankful for Goldbeck Solar’s and Capcora’s trust in us and are delighted to have assisted Goldbeck Solar on this ground-breaking investment into the Polish renewable energy market and have helped secure debt financing for the construction of the impressive 286 MWp PV installation in Zwartowo, Poland. This transaction demonstrates depth, experience and commitment of our project finance teams in Warsaw and Munich and ability to assist clients with complex project financings in Poland which underpin our country’s green energy transition ambitions.”