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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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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.

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