Global law firm Clifford Chance advised the Finance Parties in connection with the financing of PGE’s stake in the 1.5GW Baltica 2 Wind Farm Project. The multi-sourced green financing is arranged by over 25 lenders, including BGK, EIB and EBRD, with ING Bank N.V. acting as documentation agent. EIFO, the Danish Export Credit Agency, provides ECA coverage for a part of the term financing. The Transaction also involves over 20 financial institutions providing hedging.

The financing is being granted within a HoldCo structure and the project documentation is based on a multi-contracting scheme, which adds to the complexity of the Transaction.

This transformational deal marks a significant milestone for the European energy market. It is the largest financing to date in Central Europe in terms of assets financed, the largest renewable energy project in Poland by generation capacity and the largest such project currently under construction in the Baltic Sea. Baltica 2 will have the capacity to supply green energy to more than 2.5 million homes in Poland.

Clifford Chance provided comprehensive cross-jurisdictional advice, covering a wide range of services such as loan and hedging documentation, project legal due diligence, and state-aid advisory.
“This is a great achievement for the Polish energy market and it shows the trust and support of international financiers in the Polish offshore wind scheme. We are honored to have supported with this landmark transaction” says Irena Flores-Goode who has been leading this transaction out of Warsaw.
“This transaction is another testimonial of the leading offshore wind and energy practice of Clifford Chance which brings together lawyers from multiple jurisdictions. Congratulations to all parties involved” says Florian Mahler, Co-Head of the Worldwide Projects Group of Clifford Chance.

The international Clifford Chance team advising on the transaction was led by Partners Irena Floras-Goode, Florian Mahler and Paweł Puacz.

The negotiations of the financing documentation were coordinated by Maksymilian Jarząbek (Senior Associate) and involved a cross-jurisdictional team of lawyers including Piotr Węcławowicz (Associate), Agnieszka Kozikowska (Senior Associate) as co-managing lawyers as well as Marius Fritz (Associate), Bartosz Zieliński (Senior Associate), Brianna Harcus (Associate), Adelina Prokop (Partner), Sandrine Colletier (Senior Counsel), Wojciech Wątor (Senior Associate), Zarina Tuliszka (Associate), Natalia Zań (Trainee Lawyer), Julia Rychlińska (Associate) and Jeffrey Arthur (Trainee Lawyer).

The hedging workstream was led by Artur Gładysz (Senior Associate) supported by Oskar Ratajczak (Associate) and supervised by Andrzej Stosio (Partner).

The due diligence and regulatory advisory was provided by Piotr Bogdanowicz (Counsel), Aleksandra Bartoszewicz (Senior Associate), Adrian Król (Senior Associate) and Arkadiusz Walkowicz (Senior Associate).

Clifford Chance Paris (Delphine Siino Courtin (Partner) and Maxence de Rouville (Avocat)) acted as a special legal counsel to the EIB.