Global law firm Dentons advised EBRD, DNB Bank ASA and EKF, Denmark’s Export Credit Agency, in relation to financing granted to Polish subsidiaries of DIF Capital Partners for the acquisition, development and operation of Grajewo and Sulmierzyce wind farms located in Poland with a total capacity of 63.1 MW. EBRD’s share in the financing totals PLN 175 million (€38.9 million) and is matched 50-50 by DNB, with EKF providing a guarantee for 70 percent of the long term loan granted by the bank.

Dentons’ legal advice involved comprehensive support to the lenders in preparing, negotiating and executing the finance documents. The transaction documents were governed by Polish law and included a hedging agreement. This deal represents another renewable energy project finance transaction where Dentons advised EBRD, DNB and EKF, previously as members of other clubs of lenders.

“It was a pleasure and honor to have been part of this outstanding project and to work again with such institutions as EBRD, DNB and EKF on the financing of a green energy project in Poland,” said Piotr Nerwiński, partner in Dentons’ Banking and Finance team in Warsaw, who supervised the transaction. “Supporting the financing parties on this onshore wind farms project was extremely satisfactory and we are happy we were able to work on another investment aimed at reducing CO2 emissions in Poland,” added Justyna Jamroży, senior associate in the Warsaw team.

Partner Piotr Nerwiński was supported by senior associate Justyna Jamroży and associate Katarzyna Kaptur from the Banking and Finance team in Warsaw. Mark Segall, partner in the team, advised on the English law aspects of the transaction.

The Grajewo and Sulmierzyce wind farm projects, with a capacity of 40 MW and 23.1 MW respectively, are expected to generate more than 182.4 GWh of renewable zero-carbon electricity a year, leading to carbon emissions savings of almost 140,000 tons per year, thus contributing to climate change mitigation in Poland.

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