Advises Bank Millennium on the refinancing of a 60.45 MWp solar power portfolio, financed by PAD RES Group, in Poland
Poland's Renewable Energy Sector Secures Significant Refinancing Deal
A major refinancing deal in the Polish renewable energy sector has been completed, involving the PAD RES Group, Bank Millennium, and law firm Norton Rose Fulbright. This transaction marks a significant step forward in the country's energy transition and sustainability goals.
The PAD RES Group, a Polish renewable energy developer and investor, specializes in large-scale photovoltaic (PV) projects, grid and distribution infrastructure investments, and energy storage and biogas investments. Established in 2010, the company manages operating projects as an Independent Power Producer (IPP) with a secured grid connection capacity of 1 GW.
Bank Millennium, a leading Polish bank, provided a loan of PLN 107.1 million (approximately EUR 25 million) to PAD RES to refinance and operationally finance a portfolio of 13 PV farms with a total capacity of 60.45 MW in Poland. All these PV projects are already operational and generating electricity.
Norton Rose Fulbright served as legal advisor to Bank Millennium on this refinancing transaction, bringing their expertise in renewable energy and finance to facilitate a smooth and efficient deal process. The law firm highlighted the significance of the refinancing as a demonstration of financial institutions' confidence in the Polish PV market and the renewable energy sector overall.
The refinancing transaction involved the refinancing of shareholder indebtedness under a notes purchase agreement governed by Dutch law. This deal underscores Poland's growing market confidence and continued investment appetite in renewable energy infrastructure, particularly photovoltaics.
The collaborative involvement of the PAD RES investor, Bank Millennium as financier, and Norton Rose Fulbright as legal counsel illustrates the multidisciplinary approach required to finance mid-scale clean energy portfolios effectively in the region.
It is worth noting that PAD RES Group is a joint venture between Griffin Capital Partners and Kajima Europe. The refinancing transaction reflects the continued appetite of financial institutions to back clean energy investments in Poland.
For further information, Beata Głuchowska can be contacted at Tel: 48 22 581 4952.
References:
- PAD RES Group Press Release, Link
- Bank Millennium Press Release, Link
- Norton Rose Fulbright Press Release, Link
- Renewables Now, Link
The PAD RES Group, a Polish renewable energy developer, secured a EUR 25 million loan from Bank Millennium to finance a portfolio of 13 operational PV farms in Poland, signifying the finance sector's confidence in the country's renewable energy industry. Norton Rose Fulbright, as legal advisor, highlights the deal's significance as a demonstration of continued investment in the Polish renewable energy business, particularly the photovoltaic sector.
