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PHH and Dentons Advise Kommunalkredit on EUR 37.5 Million Financing for 63-Megawatt PV Plant in Hungary

PHH and Dentons Advise Kommunalkredit on EUR 37.5 Million Financing for 63-Megawatt PV Plant in Hungary

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PHH and Dentons have advised Kommunalkredit on a EUR 37.5 million financing for the 63-megawatt Senyo photovoltaic plant in Hungary. CMS reportedly advised the project's commissioners, Green Source and Core Value Capital.

Kommunalkredit Austria specializes in infrastructure and energy financing.

Green Source is a Vienna-based company founded in 2006 that specializes in the development, implementation, and operation of ground-mounted photovoltaic projects.

Founded in 2012, Core Value Capital is a private equity firm headquartered in Vienna.

According to PHH, “by early 2024, a major solar park will commence operations in Senyo, Hungary, fortifying Hungary’s energy infrastructure. Green Source and Core Value Capital have commissioned the Germany-based Iqony Solar Energy Solutions to construct the plant on the basis of an engineering procurement and construction contract. To date, Green Source and Core Value Capital have developed and implemented more than 30 energy projects with a total capacity of more than 332 megawatts and a total investment volume of over EUR 820 million in the Czech Republic, Slovakia, Croatia, Romania, Russia, and Hungary.”

“With the construction of the Senyo solar park in Hungary, Green Source, together with our partner Core Value Capital, continues its expansion in the renewables sector in Central and Eastern Europe,” Green Source Managing Director Anna Hofmann commented.

“Our goal is to create a better world by enabling the development and construction of sustainable infrastructure,” Kommunalkredit CEO Bernd Fislage added. “We are proud to have led this transaction, as it will provide communities with renewable energy, and congratulate Green Source and Core Value Capital on realizing this important project.”

The PHH team included Partner Wolfram Huber and Attorney at Law Lisa Urbas.

The Dentons team included Partners Gergely Horvath and Gabor Kiraly, Associates Nora Ordody-Nagy and Bence Boszormenyi, and Junior Associates Kinga Kovacs and Adam Brecko.

Editor's Note: After this article was published, CMS confirmed it had advised Green Source and Core Value. The firm's team included Hungary-based Managing Partner Erika Papp, Senior Counsel Zoltan Poronyi, Senior Associates Peter Deak and Szabina Soptei, and Associates Adam Takacs, Zita Gressai, and Emese Mezo, as well as further team members in Germany.

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