Clifford Chance advised on the financing of Sunly’s Valmiera, Barkava, Dagda and Zirņi solar parks in Latvia

Global law firm Clifford Chance advised the lenders (European Investment Bank, AS “SEB banka”, and the European Bank for Reconstruction and Development) in connection with a non-recourse project finance loan of approximately EUR 85 million granted under a holdco structure to four Latvian special purpose vehicles, each established to develop and operate a solar park. Sunly, the Estonian renewable energy company, acted as sponsor and investor in the project. The aggregate capacity of the four solar parks will be 329 peak megawatts (MWp) making it one of Latvia’s most ambitious renewable energy projects to date and a major step forward in the Baltic green transition.

The Clifford Chance team advising on the transaction was led by Michał Jadwisiak (Counsel) and Wojciech Wątor (Senior Associate) under the supervision of Andrzej Stosio (Partner). It also included Oskar Ratajczak (Associate) and Maciej Kujawa (Associate). Christof Häfner (Partner), Zaid Mansour (Counsel), Marie Sofie Karle (Senior Associate), Franziska Buchholz (Senior Associate), Benedikt Behlert (Associate), and Levin Becker (Associate) assisted with the German law aspects of the transaction.

A separate team consisting of Irena Floras-Goode (Partner) and Agnieszka Kozikowska (Senior Associate) acted as special counsel to the European Investment Bank.

Latvian law advice to the lenders was provided by COBALT.