Rymarz Zdort advises Brookfield on its investment in Polenergia

Rymarz Zdort advised BIF IV Europe Holdings Limited, an affiliate of Brookfield Renewable Partners L.P. (“Brookfield“), in connection with its investment in Polenergia S.A. (“Polenergia”), one of Poland’s largest renewable energy companies with approximately 443 MW of onshore wind and solar capacity (operating or under construction). Polenergia is also one of the leaders in offshore wind development in Poland, with an approximately 3 GW offshore wind development pipeline in Poland held through a joint venture.

The legal services provided by Rymarz Zdort included performing a legal due diligence of the Polenergia group, advising on the structuring of the transaction, negotiations of the investment and shareholders’ agreement, acquisition of shares in Polenergia by way of a tender offer (Santander Bank Polska S.A. – Santander Biuro Maklerskie acted in a role of financial advisor and intermediary broker), financing of the tender offer and obtaining antitrust clearance.

“We are proud to have been part of this very exciting project. Our extensive experience in the field of legal advice in relation to renewable energy sources in particular offshore investments, position us very well to advise on such projects. Recently, we advised Polish energy group, PGE, in connection with the conclusion of a joint venture agreement with Danish energy concern Ørsted, as well as Northland Power Inc. in connection with the conclusion of a joint venture agreement with PKN Orlen S.A. on the Baltic Power project”, said Paweł Zdort, managing partner of Rymarz Zdort.

The firm’s transaction team was led by Paweł Zdort, a managing partner, and Jacek Zawadzki, a partner in the corporate department, assisted by attorneys from the corporate department: Monika Michałowska, an associate, and Aleksander Jakubisiak, an associate.

The energy law aspects of the transaction were handled by the energy & natural resources team: Marek Durski, a partner, Adrian Augustyniak, an associate, Andrzej Granat, an associate, and Marta Szczepkowska, an associate.

All work connected with the financing of the transaction granted by Santander Bank Polska S.A. was supported by the banking & finance team consisting of Marcin Iwaniszyn, a partner, Jerzy Rostworowski, a senior associate and Robert Śmigielski, an associate.

Antitrust matters in connection with the transaction, including the preparation of Brookfield’s merger clearance application to the European Commission, were handled by the following attorneys from the competition/antitrust practice: Iwona Her, a partner, Irmina Wątły, counsel, and Weronika Szyszka, an associate.

Due diligence work was performed by Monika Kierepa, a partner, Dr Barbara Skardzińska, a senior associate, Jakub Cichuta, an associate, and Aleksandra Śliwa, an associate.