Clifford Chance advised the lenders on the €284 million financing of the 253.1 MW Gurbănești wind farm in Romania – one of the largest wind projects in the country, comprising 42 state-of-the art GE turbines rated at 6.1 MW each.
The financing was structured with a syndicate of eight lenders: UniCredit S.p.A., Erste Group Bank AG, Banca Comercială Română S.A., Siemens Financial Services through Siemens Bank, Société Générale, BRD, ING Bank N.V. and Alpha Bank S.A., with Wilmington Trust (London) Limited acting as Facility Agent and Security Agent.
The project is being developed by Greenvolt Power, part of Greenvolt Group (KKR portfolio), a leading global developer of wind, solar and battery storage (BESS) assets operating across 20 geographies worldwide – and forms part of its wider Wind Rose platform in Romania (c. 506 MW), alongside the 253.1 MW Ialomița wind project, which has achieved financial close earlier this year, with Clifford Chance advising the lenders too.
Together, the two projects have now attracted north of €630 million in financing, with commercial operation expected by the end of 2027.
A great result for the renewables sector in Romania and another milestone in our growing project finance practice in the region.
The Clifford Chance team advising on the transaction was led by Maksymilian Jarząbek (Counsel) and supervised by Irena Floras-Goode (Partner), supported by Mateusz Leleno (Associate) and Maciej Kujawa (Associate). Oskar Ratajczak (Associate) led the hedging workstream. Romanian law workstream was led by Andreea Sisman (Partner) and Gabriel Toma (Counsel), supported by Georgiana Cupas and Ambra Lazar (Associates), and Vladimir Balan (Trainee Lawyer). The deal team included also Filip Bojara (Associates), Konrad Czupryniewicz, Przemysław Sanecki and Zuzanna Góra (Trainee Lawyers). PLMJ advised on Portuguese law aspects of the transaction.
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