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Eversheds Sutherland advised Sequoia Fund on financing granted to Green Genius to build 66 MW solar power plants in Poland

  • Poland

    20-05-2022

    The Polish office of Eversheds Sutherland, together with Amsterdam and London offices, advised Sequoia Investment Management Company Limited, acting as an investment advisor on behalf of Sequoia Economic Infrastructure Income Fund Limited, on an agreement of EUR 38.5 m with Green Genius aimed at financing of the construction of 66 MW PV plants in Poland.

    Green Genius plans to complete the construction of plants in Poland in early 2023. It is the first debt funding between Sequoia Economic Infrastructure Income Fund, listed on the London Stock Exchange, and Green Genius. Since 2019, Green Genius has already developed three solar PV portfolio projects in Poland of a total accumulated capacity 128.1 MW.

    Eversheds Sutherland teams advised Sequoia on the transaction. The Banking & Finance team was led by Michał Markowski (Partner, Banking & Finance) and comprised of Karolina Turko (Senior Associate, Banking & Finance), Aleksandra Radzikowska (Lawyer, Banking & Finance) and Rafał Piasecki (Lawyer, M&A).

    Michał Drozdowicz, Head of Governments & Energy practice, supervised the legal due diligence, EPC and O&M and energy-related aspects of the project, working together with Sylwia Nigot (Governments & Energy), Katarzyna Wusaty (Governments & Energy), Aneta Ziemak-Majchrowska and Ernest Łuczak.

    “We are delighted to sign our first financing transaction with Sequoia. The combination of Green Genius track record and Sequoia funding will increase green and independent energy generation in the region” – says Rokas Bancevicius, CFO at Green Genius.

    “We are very pleased to close our first financing transaction with Green Genius on the construction of 66MW of solar energy in Poland. The closing of this transaction extends our investments in the renewable sector and also expands our geography at an important time” – says Dolf Kohnhorst, Partner at Sequoia.

    Sequoia Economic Infrastructure Income Fund Limited (SEQI), a constituent of the FTSE 250 Index of the London Stock Exchange, invests in a diversified portfolio of economic infrastructure debt investments in mature jurisdictions. Sequoia Investment Management Company Limited, the Investment Adviser to the Fund, is a specialist infrastructure debt investment management company based out of London.

    Green Genius is a renewable energy developer operating in 8 European countries. It is part of the international Modus group, which operates in Lithuania, Latvia, Estonia, Spain, and Poland, among others.

    The Polish office of Eversheds Sutherland has extensive experience in projects related to financing investments in renewable energy sources in Poland, which requires substantial expertise in portfolio financing transactions and the Polish renewables law, and cooperation with other Eversheds Sutherland offices. Thanks to cooperation within over 70 locations in more than 30 countries the firm can support clients not only in Poland, but all over the world.

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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