Norton Rose Fulbright advises on financing of PV installations

Global law firm Norton Rose Fulbright advised BNP Paribas Bank Polska S.A. as lender on financing granted to five SPVs managing PV installations in Poland. The financing will be used to repay debt contracted to build said installations.

In addition to issues related to the financing, the scope of work included the legal due diligence of the PV installations and comprehensive legal advice on energy regulatory issues associated with the Polish RES support scheme and on the acquisition of the SPVs by Eques Fotovoltaica FIZ from a Vortex Energy Group company.

Created in February 2020 and managed by Eques Investment TFI S.A., Eques Fotovoltaica 2 FIZ is the first fund on the Polish market that invests in the dynamically growing PV market. This acquisition of said five SPVs is yet another transaction involving operational PV farms completed by the fund, with a target portfolio value of 200 MW.

Vortex Energy Polska Sp. z o.o. has been operating on the Polish renewables market since 2006, successfully developing wind and solar projects. Its portfolio includes 317 MW of operational projects across Poland.

The Warsaw team was led by counsel Tomasz Rogalski and included senior associate Daniel Popek, trainee lawyer Karolina Lepakiewicz, paralegal Jakub Wiatrzyk and trainee Daniel Książek. Counsel Artur Jończyk supported the team on M&A aspects. The team worked under the supervision of partner Grzegorz Dyczkowski who heads the Warsaw office and the firm’s Warsaw banking and finance practice.