A cross-border Dentons team has advised NORD/LB Norddeutsche Landesbank in connection with the €53 million financing provided to European Energy A/S for the construction and operation of the 38.8 MW Liskowo wind farm in northwestern Poland. German export credit agency Euler Hermes is guaranteeing a substantial part of the long-term senior debt facilities. It is the first project finance transaction guaranteed by Euler Hermes in Poland.

Dentons’ legal advice involved comprehensive support to NORD/LB in preparing, negotiating and executing the finance documents and guarantee, carrying out legal due diligence on the project, and advising on renewable energy regulations. The finance documents were governed by German and Polish law.

“We are honored to have played a part in this innovative transaction and to work again with the highly experienced team from NORD/LB”, said Christian Schnell, Partner in the Energy and Natural Resources team in Warsaw, who led the project.

“It was a true privilege to be able to support our clients on this outstanding transaction, involving Euler Hermes’ first promotion of a wind power project financing in Poland”, said Piotr Nerwiński, Partner in the Banking and Finance team in Dentons’ Warsaw office, who supervised the financing of the transaction.

Christian Schnell led the transaction, with support from counsel Piotr Dziwniel, senior associate Olga Wasilewska and associate Ewa Gołąbek in the Energy team in Warsaw; partner Piotr Nerwiński, senior associate Justyna Jamroży and associate Katarzyna Kaptur from the Banking and Finance team in Warsaw; and partner Dr. Axel Schlieter and senior associate Julia Heitmann from the Banking and Finance team in Düsseldorf.