Redcliffe Partners advised FMO, Green for Growth Fund and GIEK on EUR 37 million financing to 54 MWp solar PV plant

04 September 2019

Redcliffe Partners acted as Ukrainian legal counsel to the Netherlands Development Finance Company (FMO), a Dutch development bank, acting as mandated lead arranger, original lender and facilities agent, Green for Growth Fund, participating under FMO’s B Facility, and the Norwegian Guarantee Institute for Export Credits (GIEK), a Norwegian export credit agency, providing a partial unfunded credit guarantee to FMO, with respect to financing of the construction, maintenance and operation of a 54 MWp solar PV plant in Bohuslav, Kyiv region. The transaction was successfully closed in July 2019 resulting in the secured long-term debt financing with a total amount of EUR 37.8 million. Equity financing was provided by Scatec Solar, a Norwegian independent solar power producer, developing, building, owning, and operating solar power plants worldwide.

According to Linda Broekhuizen, CIO of FMO, “supporting solar parks farms like Boguslav in Ukraine has been part of FMO’s energy strategy for years, supporting job creation and much needed access to clean and renewable energy.”

Our Banking & Finance practice provided a broad scope of transactional legal advice, including structural, security, currency control and regulatory, conducting legal due diligence, reviewing finance documents and project agreements, drafting, negotiating and perfecting security documents, reviewing and collecting condition precedents and issuing a legal opinion.

Olexiy Soshenko, managing partner and head of Banking & Finance practice, coordinating and supervising the deal, commented: “Following recent large-scale investments in wind energy projects in Ukraine, Redcliffe Partners is also delighted to support the growth of solar energy share within Ukrainian renewable energy market. We are pleased to see FMO’s continued interest in Ukraine which resulted in financing to one more high-potential solar PV project in Ukraine.”

Amsterdam office of Clifford Chance advised the Lenders on the English law aspects of the transaction.