Norton Rose Fulbright Advised International Banks On Refinancing 94 MW Pomerania Wind Farm
Norton Rose Fulbright, a global law firm, has played a pivotal role in advising multiple international banks on the refinancing of a significant renewable energy project. The project in question is the 94 MW Pomerania Wind Farm, owned by Ignitis Renewables, an international green energy company.
The refinancing deal, valued at €82 million, involved key financial institutions such as the European Investment Bank (EIB), Nordic Investment Bank (NIB), and Skandinaviska Enskilda Banken. Norton Rose Fulbright provided legal counsel and guidance throughout the complex transaction process.
Situated within the Pomeranian voivodeship, the Pomerania Wind Farm commenced commercial operations in December 2021. With its 29 turbines generating approximately 300 GWh per year, the wind farm has the capacity to power nearly 160,000 households, making a substantial contribution to renewable energy production in the region.
The transaction required intricate reorganization efforts, including structural amendments to existing finance documents and the execution of new finance documents to transition the corporate finance structure into a project finance structure. Norton Rose Fulbright’s team, led by senior associate Daniel Popek, played a crucial role in navigating these complexities.
The legal due diligence stream of work was led by senior associate Cezary Zawiślak, along with a team of legal experts including associates Karolina Majcher, Jakub Wiatrzyk, Wiktoria Jadczak, Natalia Rybak, and others. Under the supervision of energy and project finance partner Tomasz Rogalski, the Norton Rose Fulbright team ensured the seamless execution of the refinancing deal.
English law advice was provided by partner Charles Whitney and counsel Rosa Mottershead, while Luxembourg law advice was delivered by partner Stephane Braun, counsel Cyril d’ Herbes, and associate Henrique Arcoverde.
The banks’ team, comprising representatives from EIB, NIB, and Skandinaviska Enskilda Banken, collaborated closely with Norton Rose Fulbright to successfully navigate the intricacies of the transaction.
Reflecting on the accomplishment, Daniel Popek expressed gratitude to all parties involved and commented:
“It has been a privilege to lead the finance stream of the Pomerania wind farm refinancing. Advising esteemed international banks such as the European Investment Bank, Nordic Investment Bank, and Skandinaviska Enskilda Banken on this deal marks a significant milestone. This transaction highlights the dedication and focus firms across the region and beyond have towards advancing sustainable energy initiatives as well as facilitating investments that have a long-term and positive impact. The Pomerania wind farm’s capacity to meet the energy needs of nearly 160,000 households showcases the potential of renewable energy sources. Thank you to our clients, Ignitis team as well as to our team and external advisors for the collaborative effort in achieving this success.”