Clyde & Co advises Virya Energy on financing for the 135 MWp Żabice PV project in Poland

Global law firm Clyde & Co has advised Virya Energy on the financing of Żabice PV, a 135 MWp solar project in Lower Silesia, with financing provided by mBank and Bank Millennium.

The funds will support the project from construction through to operation, and the first tranche has already been drawn.

Once operational, the Żabice PV solar farm will produce around 144 GWh of electricity a year, enough to meet the annual needs of approximately 79,000 Polish households. The project will expand Virya Energy's Polish renewables portfolio, which already includes operating wind farms.

Clyde & Co advised Virya Energy on the financing. The work included negotiating the finance documentation and preparing the legal due diligence report for financing purposes.

The Clyde & Co Banking & Finance team was led by Michał Kalicki, Counsel, Head of Banking & Finance in Poland, supported by Marcin Lorenc, Associate, and Dominika Kosmalska, Research Assistant.

The project workstream, including the legal due diligence report, was carried out by Ewa Gołąbek, Senior Associate, and Associates Julia Kryńska and Witold Szpek, under the supervision of Piotr Dziwniel, Counsel. French law aspects were handled by David Méheut, Managing Partner of the Paris office, and Jean-Michel Reversac, Counsel.

Michał Kalicki, Counsel, Head of Banking & Finance in Poland, Clyde & Co, said: "Securing construction financing is a defining milestone for any renewable energy project, and we are delighted to have supported Virya Energy in reaching it for Żabice PV. The commitment of mBank and Bank Millennium reflects the continued appetite of Polish banks for well-structured, large-scale solar projects."

Piotr Dziwniel, Counsel, Clyde & Co, added: "Having advised Virya Energy on the acquisition of Żabice PV, we are pleased to continue supporting the company through the next stage of the investment cycle, as it strengthens its position in the Central European renewable energy market."