Dentons has advised Pomerania Wind Farm sp. z o.o., a subsidiary of Ignitis Renewables, on
facilities of €82 million for the refinancing of the Pomerania Wind Farm in Poland. The wind power project is located in the Pomeranian voivodship. It commenced commercial operations in December 2021 and its 29 turbines have a combined output of approximately 300 Gwh per year, enough to meet the demand of close to 160,000 homes.
The facility was provided by the European Investment Bank (EIB), which contributed €52 million, and the Nordic Investment Bank (NIB), which contributed €30 million. Skandinavska Enskilda Banken (SEB) took the role of agent, security agent and account bank. The financing was structured on a limited recourse project finance basis and replaced the previous corporate financings provided by EIB and NIB in March 2020 and October 2020 respectively.
“We’re immensely thankful for the steadfast collaboration with the EIB and NIB, as their backing is fundamental to the success of our renewable energy projects. At Ignitis Group, we're at the forefront of driving the green energy transition in the Baltic region and Poland, aiming for a future powered entirely by sustainable energy. This ambitious vision hinges on the support from key European financial institutions”, commented Jonas Rimavičius, Ignitis Group CFO.
A team from Dentons’ Banking and Finance practice in Warsaw served as lead counsel to Ignitis Renewables. Partner Mark Segall led the team, with support from counsel Jakub Zienkiewicz and associate Jakub Olejniczak. Dentons worked alongside TGS Baltic as Lithuanian counsel.