Clifford Chance advised mBank in connection with the establishment of a programme for the issue of green bonds with a total nominal value of up to PLN 1 billion by R.Power, Poland’s largest developer of photovoltaic farms. As part of the first series, green bonds with a total nominal value of PLN 150 million were issued. The funds raised will be used, among other things, for the development, purchase, construction and operation of photovoltaic power plant projects in Poland and other European Union countries, including Italy, Portugal and Spain.

The bonds issued meet the criteria for green bonds in accordance with the Green Bond Principles (GBP) developed by the International Capital Market Associacion (ICMA), including the use of proceeds from the issue to finance investments that have a positive impact on the environment by taking into account environmental aspects and ecological issues in their implementation, thus supporting sustainable development. The bonds will be introduced into the alternative trading system operated by the Warsaw Stock Exchange.

The Clifford Chance team advising on the transaction included: Miłosz Gołąb (Partner in the Banking and Finance Department of the Warsaw office), Grzegorz Namiotkiewicz (Partner co-managing the Banking and Finance Department of the Warsaw office), Aleksandra Rudzińska (Senior Associate), Mateusz Ciechomski (Associate), Zuzanna Bartczak, Titus de Vries (Co-Managing Partner of Clifford Chance Amsterdam, heading the Financial Markets Group in Amsterdam), Amin Tamaddoni (Associate) and Ruben van Diepen (Junior Lawyer).