Global law firm Clyde & Co has advised Virya Energy on the financing of Żabice PV, a 135 MWp solar project located in Lower Silesia, Poland. The financing has been provided by mBank and Bank Millennium, two Polish banks whose commitment, according to the firm, reflects continued lender appetite for well-structured, large-scale solar projects in the Polish market.

According to the firm, the funds will support the project across its full lifecycle, from construction through to operation. The first tranche of the financing has already been drawn, marking a concrete step forward for the development.

Expected output and household supply

Once operational, the Żabice PV solar farm is expected to produce approximately 144 GWh of electricity per year. According to Clyde & Co, that level of output would be enough to meet the annual electricity needs of roughly 79,000 Polish households. The figures underline the scale of the project, which at 135 MWp ranks among the significant solar developments in the country's renewable energy landscape.

The project will also expand Virya Energy's existing Polish renewables portfolio. The company already operates wind farms in Poland, and the addition of Żabice PV broadens its presence in the market from wind into solar generation.

Scope of the legal work

Clyde & Co's mandate covered two principal streams of work. The firm advised Virya Energy on the financing itself, which included negotiating the finance documentation with the lending banks. In parallel, the firm prepared the legal due diligence report required for financing purposes, a standard component of project finance transactions that allows lenders to assess the legal risks associated with the project before funds are committed.

The combination of financing documentation and due diligence work reflects the full-service nature of the advice required in project financings of this kind, where both transactional negotiation and risk assessment must proceed in tandem to bring a deal to financial close.

Cross-border team composition

The engagement drew on lawyers from across Clyde & Co's Banking & Finance and project practices, spanning both Polish and French law capabilities.

The Clyde & Co Banking & Finance team was led by Michał Kalicki, Counsel and Head of Banking & Finance in Poland. He was supported by Marcin Lorenc, Associate, and Dominika Kosmalska, Research Assistant.

The project workstream, which included the preparation of the legal due diligence report, was carried out by Ewa Gołąbek, Senior Associate, together with Associates Julia Kryńska and Witold Szpek. That work was performed under the supervision of Piotr Dziwniel, Counsel at the firm.

French law aspects of the transaction were handled by David Méheut, Managing Partner of the firm's Paris office, and Jean-Michel Reversac, Counsel. The involvement of the Paris office indicates that French law elements formed part of the financing structure, although the press release does not detail the specific nature of those aspects.

Comments from the deal team

Michał Kalicki, Counsel and Head of Banking & Finance in Poland at Clyde & Co, described the financing as a significant moment for the project. "Securing construction financing is a defining milestone for any renewable energy project, and we are delighted to have supported Virya Energy in reaching it for Żabice PV," he said. "The commitment of mBank and Bank Millennium reflects the continued appetite of Polish banks for well-structured, large-scale solar projects."

Piotr Dziwniel, Counsel at Clyde & Co, highlighted the firm's prior involvement with the asset. "Having advised Virya Energy on the acquisition of Żabice PV, we are pleased to continue supporting the company through the next stage of the investment cycle, as it strengthens its position in the Central European renewable energy market," he said.

The comments together frame the transaction as a continuation of an existing advisory relationship: Clyde & Co previously acted for Virya Energy on the acquisition of the Żabice PV project itself and has now followed that mandate through to the construction financing stage.

Virya Energy's Polish renewables footprint

The transaction sits within Virya Energy's broader strategy in Poland. According to the press release, the company's Polish renewables portfolio already includes operating wind farms, and Żabice PV will expand that portfolio.

The addition of a 135 MWp solar asset represents a substantial increase in the company's Polish generation capacity, although the press release does not quantify the company's existing capacity or the total size of its portfolio.

Dziwniel's comments place the deal in the context of Virya Energy strengthening its position in the Central European renewable energy market, positioning Poland as a key geography in the company's investment cycle.

Banking appetite for Polish solar

The participation of two Polish banks, mBank and Bank Millennium, as lenders to the project is presented in the press release as evidence of sustained domestic banking interest in the Polish solar sector. Kalicki's remark that the banks' commitment reflects "the continued appetite of Polish banks for well-structured, large-scale solar projects" suggests that the transaction is seen as part of a broader financing trend in the market.

The fact that the first tranche of the financing has already been drawn indicates that the transaction has moved beyond signing and into the deployment of funds, with construction activities supported by the facility now able to proceed under the terms agreed with the lenders.

A milestone in the project lifecycle

For renewable energy projects, the transition from acquisition to construction financing is a critical phase. As Kalicki noted, securing construction financing is a defining milestone for any project in the sector.

With the finance documentation negotiated, the due diligence report completed for financing purposes, and the first tranche drawn, Żabice PV has now passed that milestone.

The project is expected to move from construction into operation, at which point its anticipated annual production of around 144 GWh will begin supplying the equivalent of the annual needs of approximately 79,000 Polish households.

Until then, the focus for Virya Energy, its lenders, and its advisers shifts to the construction phase, supported by the financing package arranged with mBank and Bank Millennium and documented with the assistance of the Clyde & Co team across its Polish and Paris offices.

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