Norton Rose Fulbright advises banks on PLN 952.9 million financing for construction of 138.6 MW Drzeżewo wind farm

Global law firm Norton Rose Fulbright advised a consortium of Polish financial institutions, comprising Bank Gospodarstwa Krajowego, Bank Polska Kasa Opieki and Powszechna Kasa Oszczędności Bank Polski as lenders and Bank Gospodarstwa Krajowego as facility and security agent on the financing construction of 138.6 MW Drzeżewo wind farm.

The project is sponsored by PAK Polska Czysta Energia (a member of Polsat Plus Group) and is located in the municipality of Główczyce and the municipality of Potęgowo, Słupsk poviat, Pomeranian Voivodship in Poland. The Polsat Plus Group company intends to bring the full wind farm in Drzeżewo to the operational phase in the fourth quarter of 2025.

A Warsaw-based Norton Rose Fulbright team drafted and negotiated the facilities agreement, security documents and treasury transaction documents as well as conducted full legal due diligence of the aforementioned wind farm.

The team was led by associate Karolina Majcher and partner Tomasz Rogalski, head of energy and infrastructure practice in Warsaw, and included senior associate Igor Kondratowicz-Laderski, associate Daniel Książek and lawyers Antoni Krzyżanowski, Natalia Rybak, Mikołaj Rydzewski and Mikołaj Wołczyński (finance aspects of the transaction), counsel Krzysztof Gorzelak, associate Daniel Książek and lawyers Dominika Wojtkowska and Antoni Krzyżanowski (hedging aspects of the transaction) as well as counsel Cezary Zawiślak, associates Paula Stępień, Magdalena Olechniewicz-Blocher, Bartosz Odziemkowski, Martyna Orłowska and Aleksandra Szostak and lawyers Nina Strzelczyk, Michał Odolczyk and Mikołaj Wołczyński (legal due diligence and regulatory aspects of the transaction).

Tomasz Rogalski commented:

“The financing of the Drzeżewo wind farm is unique on the Polish market, featuring long-term, fully merchant financing of the construction phase of a large-scale onshore wind project. This structure demonstrates the growing maturity of Poland’s renewable energy market and paves the way for further ambitious investments in the sector. The transaction not only underlines the strong commitment of lenders and sponsors to advancing the green transition but also sets an important precedent for future projects of this kind.”

Norton Rose Fulbright also advised on the financing construction of three out of four wind farms other than Drzeżewo, owned by PAK Polska Czysta Energia and Polsat Plus Group: 72.6 MW Człuchów wind farm, 9.6 MW Miłosław wind farm and 17.5 MW Kazimierz Biskupi wind farm.