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CMS Advises on Poland's First Green Financing Project Under PPP

CMS Advises on Poland's First Green Financing Project Under PPP

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CMS has advised a consortium of Polish and foreign institutions, which included facility agent and security agent Bank Pekao and mandated lead arrangers, sole bookrunners, and underwriters European Investment Bank, mBank, Bank Ochrony Srodowiska, Erste Group Bank AG, Standard Chartered Bank, and Kommunalkredit Austria, on a waste-to-energy PPP project in Olsztyn, Poland. 

According to CMS, “the value of the investment, consisting of a thermal waste processing installation to produce electricity and heat from municipal waste, and a peak load boiler house to ensure heat production during peak demand periods, is approximately PLN 800 million net. This is the largest project in a PPP formula carried out so far in Poland in the municipal sector, which is also part of the green transformation policy.” According to the firm, “the project was financed in a project finance formula and included PLN 172 million support from the EU Operational Programme Infrastructure and Environment provided through the National Fund for Environmental Protection and Water Management."

Furthermore, according to CMS, on the part of the public sector, the project was sponsored by Miejskie Przedsiebiorstwo Energetyki Cieplnej sp. z o.o in Olsztyn, which entered into a PPP agreement with a special purpose vehicle owned by infrastructural fund Meridiam and Spanish concern Urbaser. 

CMS’s team included Partners Marcin Bejm, Michal Mezykowski, and Ana Radnev, Senior Associates Wojciech Szopinski, Adam Kedziora, Konrad Leszko, and Roksana Pietrzak, and Lawyers Piotr Galazka, Patrycja Styczynska, Alicja Smyklinska, Piotr Lipinski, and Karol Scibor.

CMS did not reply to our inquiry on the deal.

CMS at a Glance

CMS Sofia is a full-service law firm, the largest international law firm in Bulgaria and one of the largest providers of legal services in the local market as a whole. The breadth and depth of our practice means that our lawyers are specialised, with a level of specialisation that few of our competitors can match.

CMS Sofia is the Bulgarian branch of CMS, a top ten global legal and tax services provider with over 5000 lawyers in 43 countries and 78 offices across the world.

CMS entered the Bulgarian market as one of the first internationally active law firms in 2005 and is now among the most respected legal advisors in the country. We have 7 partners, 4 counsel and over 30 lawyers in our office in Sofia.

Our legal experts, who are rooted in Bulgaria’s local culture, can also draw on years of experience in foreign countries and are at home in several legal systems at once. We know the particularities of the local market just as well as the needs of our clients and combine both to achieve optimum solutions. Our lawyers are Bulgarian qualified and we also have English qualified experts – all of them regularly working on cross-border mandates.

In our work, we focus on M&A, Energy, Projects and Construction, Banking and Finance, Real Estate, Media, IP and IT law, Tax, Employment law, Competition, Procurement and any kind of Dispute resolution, including arbitration and mediation. What’s more, we also take care of the entire legal management of our clients’ projects.

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