Friday, July 1, 2022

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Poland’s largest PV farm gets financing from three banks

Law firm Dentons has advised a consortium of three banks – the European Bank for Reconstruction and Development (EBRD), Poland’s largest bank PKO Bank Polski and Warsaw-based Bank Pekao – on the 763 million zlotys (approximately 165 million euros) financing provided to German group Goldbeck Solar and the Polish company Respect Energy for the construction of the largest standalone photovoltaic farm in the country.

“The energy transition towards achieving a balanced energy mix with the highest possible share of renewable energy sources RES will be crucial for our economy in the years ahead,” commented Tomasz Zwoliński, a partner in the Banking and Finance team in Dentons’ Warsaw office, who supervised the transaction. “We are especially pleased to support our clients in such a significant project, largely contributing to climate neutrality in Poland.”

The 300-hectare Zwartowo photovoltaic farm will be the largest of its kind in Central and Eastern Europe. The first phase of the project, to be launched in June 2022, will generate 204 megawatts (MW) of power. Ultimately, the PV farm will have a capacity of 286 MW, generating about 270 gigawatt-hours (GWh) of green electricity per year, which will cover the needs of about 153,000 households.

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