Norton Rose Fulbright advises Bank Millennium on refinancing of 60.45 MWp PV portfolio sponsored by PAD RES Group in Poland

Global law firm Norton Rose Fulbright has advised Bank Millennium on the refinancing of the construction phase of a portfolio of 13 photovoltaic (PV) projects developed by special purpose vehicles (SPVs) sponsored by PAD RES Group.

PAD RES Group is a joint venture between Griffin Capital Partners and Kajima Europe and the portfolio has a total capacity of 60.45 MW across the 13 PV projects.

The transaction involved the refinancing of shareholder indebtedness under a notes purchase agreement governed by Dutch law.

The loan was granted to eight SPVs belonging to the PAD RES Group. The financing includes the refinancing of incurred capital expenditures and support for the ongoing operational activities of the projects.

The projects are located across seven voivodeships in Poland: Greater Poland, West Pomeranian, Kuyavian-Pomeranian, Lubusz, Pomeranian, Lesser Poland, and Warmian-Masurian. All PV projects are already operational and generating electricity. The total annual production capacity of all installations is approximately 64 GWh.

The Norton Rose Fulbright team worked under the supervision of energy and project finance partner Tomasz Rogalski.

The finance workstream was led by senior associate Igor Kondratowicz-Laderski and included associate Karolina Lepakiewicz, as well as lawyer Antoni Krzyżanowski. The legal due diligence workstream was led by associate Mateusz Czuba and included associate Martyna Orłowska and lawyers: Mikołaj Rydzewski and Nina Strzelczyk.

PAD RES Group is a Polish developer and investor in clean energy sources, specializing in large-scale renewable energy projects as well as grid and distribution infrastructure investments. Established in 2010, the company successfully develops its projects from the ground up through to the operational phase and manages operating projects as an Independent Power Producer (IPP). The Group plans to focus on further expansion of the PAD RES Group portfolio, which includes photovoltaic and wind projects, as well as energy storage and biogas investments, at various stages of development - from early-stage to ready-to-build. The total secured grid connection capacity of the projects in the Group's portfolio amounts to 1 GW.

Igor Kondratowicz-Laderski and Tomasz Rogalski commented:

“We are proud to have supported Bank Millennium in this significant refinancing transaction in the renewable energy sector in Poland. The deal not only reflects the continued appetite of financial institutions to back clean energy investments in Poland but also highlights the maturity and growing confidence in the Polish PV market. This refinancing is another clear signal of the strength and resilience of the renewable energy sector in Poland. By supporting operational PV projects with stable, long-term financing, the transaction contributes to the country’s broader energy transition and sustainability goals. It was a pleasure to lead our team on this project and collaborate closely with both the bank and the sponsor. Our strong sector experience and interdisciplinary approach were instrumental in delivering a smooth and efficient process. Congratulations to all parties involved.”