This acquisition boosts PNE’s track record in Poland to a total 233 MWs of assets sold to date. The wind farms are currently under construction through a “turn-key” arrangement with Sevivon, a member of the PNE group.
The ‘Krzecin’ and ‘Kuslin’ wind farms, in the north-west and west of Poland respectively, will have a joint capacity of 58.8 MW. Construction commenced during Q4 2020, with completion expected for Krzecin in Q4 2021 and for Kuslin in mid-2022. BayernLB and the European Bank for Reconstruction and Development are project-financing the construction of the projects.
Lux Nova Partners Limited and Solivan advised PNE Group on the transaction. White & Case advised Octopus.
“Lux Nova (the only London law firm to focus exclusively on clean energy projects) have been supporting PNE on their English law transactions since 2019. We assisted PNE on the financing, security, hedging and project development documentation. This was important for the original financing in 2020, but also to ensure the structure of the deal was ready to be taken over by Octopus now” said Nikola Zahariev, Partner at Lux Nova Partners Limited.