Global law firm Clifford Chance has advised the lenders on a PLN 270 million financing for the 150MW / 300MWh Jedwabno battery energy storage system (BESS) project, being one of the largest energy storage projects currently under construction in Poland. Siemens Financial Services through Siemens Bank and Erste Group Bank AG acted as mandated lead arrangers and original lenders, while Erste Bank Polska S.A. acted as account bank, agent and security agent.
This transaction represents the largest project finance financing for a utility-scale BESS project and, more generally, one of the first limited-recourse financings based on project finance principles for this asset class completed in the Polish market to date.
The project benefits from a 17-year capacity market contract and a long-term optimisation agreement. Construction is underway, with completion expected by the end of 2026.
The cross-border Clifford Chance team was led from Warsaw by Counsel Maksymilian Jarząbek, supported by Mateusz Leleno (Associate) and supervised by Partner Andrzej Stosio. The core team included also Filip Bojara (Trainee Lawyer). Paweł Puacz (Partner), Miłosz Bukowiec (Associate), Weronika Patzer (Associate) and Julia Chodkowska (Associate) advised on due diligence and energy regulatory aspects of the transaction. Dutch law advice was provided by Martine Trip-Meijboom (Senior Associate), Brittany Freling (Associate) and Rody Mettler (Trainee Lawyer), under the supervision of Partner Folko de Vries.
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