DIF Capital Partners has been given €77m in funding by the European Bank for Reconstruction and Development, DNB Bank ASA and EKF for the development of two onshore wind farms totalling 63MW in Poland.
The finances will support DIF with the acquisition, construction and operation of the 40MW Grajewo in the municipality of Grajewo and the 23.1MW Sulmierzyce in the Krotoszyn district of Sulmierzyce Municipality.
The two projects are expected to generate more than 182.4 gigawatt-hours of electricity a year and will contribute to carbon emissions savings of almost 140,000 tons per year.
EBRD’s share in the financing totals €38.9 million and is matched 50-50 by DNB, with EKF providing guarantee for 70% of the long-term loan granted by the bank.
The European Bank for Reconstruction and Development (EBRD), DNB Bank ASA and EKF were all advised by global law firm Dentons.
The company’s legal advice involved comprehensive support to the lenders in preparing, negotiating and executing the finance documents, Dentons said.
The finance documents were governed by English and Polish law and included a hedging agreement. It is another renewable energy project finance transaction where Dentons advised EBRD, DNB and EKF, previously as members of other clubs of lenders, the company added.
Dentons’ Warsaw banking and finance team partner Piotr Nerwiński said: “It was a pleasure and honor to have been part of this outstanding project and to work again with such institutions as EBRD, DNB and EKF on financing of a green energy project in Poland.