A&O Shearman advises lenders on the financing of two landmark BESS projects in Poland

The borrowers, Magazyn EE Kamionka sp. z o.o. and Magazyn EE Mieczysławów sp. z o.o., are subsidiaries of the Northland Power Inc. group.

Each project was financed through a project finance structure comprising term loan and revolving credit facilities, including VAT, debt service reserve and bridge facilities, supported by a comprehensive security package. Both financings qualify as green loans, and the projects also benefit from grant funding provided by the National Fund for Environmental Protection and Water Management (NFOŚiGW).

With a combined capacity of 300 MW / 1,200 MWh, the projects rank among the largest utility-scale battery energy storage developments currently under way in Poland. Once operational, they will play an important role in supporting grid stability and facilitating the further integration of renewable energy into the Polish power system.

The financing team included Konrad Zawistowski, Anna Pawelec and Aleksander Smakosz, with support from Michał Rudzki and Maria Korba. Project-related matters aspects were handled by Kamil Jankielewicz, Antoni Roszkowski, Maria Kania and Daria Bogucka, while English law advice was provided by Miklos Kadar, Jana Marsalkova and Jan Nedvidek. The transaction was supervised by Tomasz Kawczyński.