Bird & Bird's Warsaw Energy & Utilities Team has supported Cemex Polska sp. z o.o. in negotiating a Green baseload Corporate PPA with Statkraft Markets GmbH.
Legal support included assistance at all stages of the transaction, including negotiations of the Term Sheet, drafting and negotiating the wording of the Corporate PPA and the associated documentation. Bird & Bird also advised on contractual issues along with renewable energy matters and sustainability reporting aspects.
Under the contractual framework, Statkraft Markets GmbH will supply Cemex Polska sp. z o.o., one of Poland's largest off-takers, with electricity originating from renewable energy sources and provide the associated guarantees of origin over an eight-year period, starting from 1 January 2025. The contract is expected to secure around 30% of the annual energy needs of Cemex plants in Poland. It provides for a baseload formula.
The project was advised by a team of lawyers led by Grzegorz Pizoń (Partner, Energy & Utilities Practice), who was supported by the following Team members: Wojciech Korga (Senior Associate), Sara Radzicka-Tolwaj (Senior Associate), Tomasz Chabrzyk (Associate) and Grzegorz Gajos (Associate).
"We express our heartfelt gratitude to the client for their trust and engagement. Congratulations to the Cemex Polska sp. z o. o. and Statkraft Markets GmbH teams on their success and smooth completion of the negotiation process of the transaction, which belongs to the type of deals which are still quite a novelty in Poland." – Grzegorz Pizoń said.
As noted by Włodzimierz Chołuj, Member of the Management Board at Cemex Polska:
"Cemex is pursuing a broad and demanding sustainability agenda specifically including the reduction of CO2 emissions from its plants, with the goal of becoming a 'net zero' company by 2050. To achieve this, we have defined a very specific roadmap for implementing individual decarbonisation targets. In doing so, we are also working with external partners, such as the law firm Bird & Bird, who as leaders in their field, can support our progress towards these ambitious goals. Thanks to the unique experience, commitment, and know-how of the Bird & Bird team in developing our Corporate PPA with Statkraft Markets GmbH, we were able to take another important step on this challenging path."
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