Bird & Bird advises mBank on granting a loan for the construction of solar farms

06-2020

We are pleased to announce that Bird & Bird has advised mBank on the financing and refinancing transaction for the construction of 28 solar farms located in north western Poland. The owners of farms are seven SPVs belonging to the Danish company Nordic Solar, which is also the owner of solar farms in Denmark, Great Britain, Belgium, Germany, France, Spain, Italy and Portugal.

Bird & Bird provided comprehensive legal advice to mBank, in particular Bird & Bird’s team prepared and negotiated with the borrower full, bilingual credit documentation (loan agreement with security documentation), as well as analysed and commented on the bank's existing due diligence reports on financed projects. 

On behalf of Bird & Bird, the project was managed by Maciej Georg, Counsel and Head of the Financing Transactions team, supported by Andrzej Nentwig, Counsel and Head of the Energy & Utilities team, Olga Koszewska, Senior Associate, and lawyers Jakub Leszczyński and Aleksandra Kurecka. 

Katarzyna Piechocka, Head of the Regulations & Contracts team, was responsible for the work related to the security documentation, and was assisted by Izabela Staniszewska-Brzózek, Senior Associate.

"This was yet another transaction of financing solar projects in recent years, which we carried out with mBank, which only confirms that we are still the leader among those law firms that deal with banking financing of solar projects in Poland"– says Maciej Georg. 

“We are very content to be a part of this project in Poland with Bird & Bird and mBank. Especially in these times of turmoil in the world. We continue to see that solar parks are a stable and safe investment even when the world is changing."- says Nikolaj Hoff, CEO of Nordic Solar.

“The transaction strengthens our position as a leader in financing renewable energy sources. Green investments are not only important for our business, they also play an increasingly important role in the country's energy mix. I am proud that mBank has its contribution in this”– says Michał Popiołek, Managing Director of mBank for global and investment banking.