Press detail

Strong partnership: PKO Bank Polski finances further wind energy project of VSB Group in Poland

Press  / Dresden/Wrocław/Warsaw / 28.12.2021

VSB Group, the specialist for renewable energies in Poland and Europe has signed a project financing agreement with PKO Bank Polski S.A. supported by Dentons Europe Dąbrowski i Wspólnicy sp. k. for the onshore wind farm Baranów - Rychtal with 42.6 MW capacity.

The project consists of 11 wind turbines located in southern Wielkopolska voivodeship in the municipalities Baranów and Rychtal. Construction work started in November 2021. The turbines are scheduled to go online in 2023. The group of companies with headquarters in Dresden and subsidiary in Wrocław plans and builds wind farms and photovoltaic parks at 22 locations in Europe and Asia.

“We would like to thank PKO Bank Poland for the trustful cooperation and long-standing partnership. Our common path started in 2011 with the Lipniki wind farm, followed by Taczalin and now Baranów - Rychtal. PKO also accompanied us in a novelty, the first power purchase agreement in the Polish automotive industry together with our partner Mercedes Benz Manufacturing Poland. We look forward to many more joint projects for the rapid expansion of renewable energies,” said Hubert Kowalski, Managing Director of VSB Energie Odnawialne Polska sp. z o.o.

“PKO Bank Polski consistently implements the policy of financing the Renewable Energy Sources and increases its involvement in the green transformation of the Polish energy system. The Baranów-Rychtal project fits perfectly into our policy of supporting environmental protection, preventing global climate change and transforming polish economy towards zero emissivity. We are convinced that this investment will improve the quality of life in our country and we will be even more decisively on the green side of power”- adds Marcin Majewski, Director of the Corporate Client Division in PKO Bank Polski.

“We are delighted to have advised on the transaction. Structuring and securing a transaction of this kind and nature is our way to support doing business in a more sustainable way”, adds Tomasz Zwoliński, Managing Counsel at Dentons Europe Dąbrowski i Wspólnicy sp. k,” emphasises Tomasz Zwoliński, Managing Counsel at Dentons Europe Dąbrowski i Wspólnicy sp. k.

 

 

About VSB Group

VSB, headquartered in Dresden, is one of the leading full-service providers in the field of renewable energies. Its core business is national and international project development for wind farms and photovoltaic parks, their operational management as well as the operation of its own parks. In addition, VSB supports clients from industry and commerce in matters of energy production and efficiency. Since 1996, VSB has commissioned more than 700 wind energy and photovoltaic plants with a combined installed capacity of approximately 1.1 GW and an investment volume of €1.7 billion. VSB also provides services for around 1.4 GW worth of installed plants. With its affiliated companies, the Group employs over 350 people at 22 locations.

 

About PKO Bank Polski

PKO Bank Polski is the indisputable leader at the Polish banking sector; the value of its assets amounts to PLN 403.5 billion. In the first three quarters of 2021, it generated almost PLN 3.7 billion of net profit. The Bank services 11 million retail clients. It is the basic supplier of financial services for all segments of clients, having highest shares in the market of savings (17.8%), credit (17.5%) and the market of investment funds of natural persons (19.7%). Thanks to the development of digital tools, including IKO, which has been activated 6 million of times, PKO Bank Polski has become the most mobile bank in Poland. The Company reinforces its foreign presence via corporate branches operating in Germany, Czech Republic and Slovakia and via KredoBank operating in Ukraine.

 

About Dentons

Dentons is the world's largest law firm, connecting top-tier talent to the world's challenges and opportunities with 20,000 professionals including 12,000 lawyers, in more than 200 locations, in more than 80 countries. Dentons' polycentric and purpose-driven approach, commitment to inclusion and diversity, and award-winning client service challenge the status quo to advance client interests. www.dentons.com

 

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