Lux Nova have advised existing client, WKN GmbH, on the construction project financing of two wind farms in Poland: Krzecin and Kuslin.
The two parks will have an installed capacity of 59MWs and will benefit from the Polish renewable energy auction support scheme (contract for difference).
The investment volume for the two wind farms is around €100 million, plus significant additional facility lines to provide letters of credit for the construction contractors. The project debt is provided by the European Bank for Reconstruction and Development (EBRD) and Bayerische Landesbank.
The transaction financing was structured across four jurisdictions, and the wind turbines will be provided by Vestas and Nordex.
WKN GmbH is a member of the DAX-listed PNE Group.
PNE and EBRD have also released statements about the transaction (click on the respective links to read them).
The transaction is significant, as it forms part of Poland’s strategic commitment to the EU climate and energy targets for 2030, which include a reduction of at least 40 per cent in greenhouse gas emissions. Currently, Poland still generates 80 per cent of its energy from coal, with harmful effects on the environment and human health.
Nikola Zahariev, Partner at Lux Nova – WKN’s legal advisors for the transaction – said:
“We are delighted to have supported WKN on this project financing governed by English law. It was a real privilege to work with such a professional and committed development team, and we look forward to supporting WKN with its ongoing international investments.”
Allen & Overy LLP were the legal advisers to the Lenders.
Dauerkraft provided valuable commercial and project management services to WKN.
BSJP provided Polish legal advice to WKN.
