Norton Rose Fulbright has advised Bank Millennium on the refinancing of 13 operational photovoltaic projects developed by PAD RES Group, a joint venture between Griffin Capital Partners and Kajima Europe. DLA Piper reportedly advised PAD RES.
According to Norton Rose, the loan was granted to eight special-purpose vehicles belonging to PAD RES Group and will be used to refinance incurred capital expenditures and support ongoing operations. The transaction involved the refinancing of construction-phase shareholder indebtedness governed under a Dutch-law notes purchase agreement.
The 60.45 megawatt-peak portfolio spans seven voivodeships in Poland, Greater Poland, West Pomeranian, Kuyavian-Pomeranian, Lubusz, Pomeranian, Lesser Poland, and Warmian-Masurian, with a combined annual production capacity of approximately 64 gigawatt-hours. All projects are fully operational.
The Norton Rose Fulbright team included Partner Tomasz Rogalski, Senior Associate Igor Kondratowicz-Laderski, Associates Karolina Lepakiewicz, Mateusz Czuba, and Martyna Orłowska, and Lawyers Antoni Krzyzanowski and Mikolaj Rydzewski.
