Dentons advised PKO Bank Polski on the transaction.
PKO Bank Polski granted a financing to VSB Group for the construction of an onshore Baranów–Rychtal wind farm in southern Poland, with a total capacity of 42.6 MW. Construction of the project consisting of 11 wind turbines started in November 2021. The turbines are scheduled to go online in 2023.
PKO Bank Polski is Poland’s largest bank; the value of its assets amounts to PLN 403.5 billion. In the first three quarters of 2021, it generated almost PLN 3.7 billion of net profit. The bank services 11 million retail clients.
VSB, headquartered in Dresden, is one of the leading full-service providers in the field of renewable energies. The group plans and builds wind farms and photovoltaic parks at 22 locations in Europe and Asia. Since 1996, VSB has commissioned more than 700 wind energy and photovoltaic plants with a combined installed capacity of approximately 1.1 GW and an investment volume of €1.7 billion.
The project was supervised by partner Mateusz Toczyski (Picture), Co-Head of Dentons’ Global Banking and Finance practice, and led by managing counsel Tomasz Zwolinski, who was supported by senior associate Marcin Gruszka and associate Wiktor Zien from the Banking and Finance team in Warsaw. Lawyers from the Energy and Natural Resources team, supervised by partners Agnieszka Kulinska and Christian Schnell, were responsible for the energy law related aspects.
Law Firms: Dentons;
Clients: PKO Bank Polski;