Lords LB Asset Management obtains financing for construction of PV portfolio in Poland
12.03.2024
We have advised Lords LB Asset Management in closing a project finance transaction involving a EUR 45 million loan from the European Bank for Reconstruction and Development and funds managed by Eiffel Investment Group.
The borrower is a holding company, PL-SUN sp. z o.o., incorporated in Poland for the purpose of constructing and operating a portfolio of solar power plants. It is owned and sponsored by a Lithuanian closed-end investment company, UAB Atsinaujinančios Energetikos Investicijos (AEI), focused on renewable energy investments and managed by Lords LB Asset Management. AEI currently operates a portfolio of around 250 MW in Poland and Lithuania.
The construction bridge financing loan, in equal contributions of EUR 22.5 million from each institution, will finance the construction of a portfolio of 16 photovoltaic power plants with a total installed capacity of 114.7 MW across Poland. The plants are projected to generate a total of 122.5 GWh of electricity and cut 88,000 tonnes of carbon dioxide emissions annually.
Our advice included structuring of the transaction, negotiation and drafting of financing documentation, and assisting in fulfilment of conditions for disbursement of the loan.
Our team consisted of Konrad Werner (counsel), Patryk Jackiewicz (associate), and Łukasz Szegda as the partner supervising the team.
The lenders were advised by Dentons.