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March 20, 2023

Dentons advises lenders on €155 million financing of the first ever commercial PPA renewable project in Serbia

Dentons, the world’s largest global law firm, advised a consortium of seven international banks – Erste Group Bank, Erste Bank Novi Sad, Raiffeisen Bank International, Raiffeisen banka Beograd, Nova Ljubljanska Banka, NLB Komercijalna banka Beograd, Oesterreichische Entwichklungsbank – on €155 million finance for Serbia’s MK Group and Slovenia’s ALFI Green Energy Fund to finance the Krivača wind farm.  The 103,3 MW wind farm is the first ever commercial PPA renewable energy project in Serbia.

Dentons managed and coordinated the financing transaction from structuring to completion.  Banking and Finance partner Simon Dayes led the legal team, assisted by counsel Maria Tomescu and associates Cristina Staicu and Alexandra Sofineti in Bucharest, together with Banking and Finance partner Axel Schlieter and associate Julia Heitmann in Düsseldorf.

The Krivača wind farm project will be the first utility-size wind farm in Serbia, south of the rivers Sava and Danube. Construction of the wind farm has already started.  The first turbines should be delivered in spring 2023, while commissioning is scheduled for the end of 2023.

Ladislav Tolmaci, Executive Director, Corporate Finance Solutions, Leveraged and Project Finance, of Erste Group Bank, said: “The successful closing of this financing represents the joint effort of all stakeholders of the project and shows that there remains considerable bank appetite for carefully structured renewable energy projects. I would like to take this opportunity to thank the Dentons team for their invaluable support on the transaction.”

Simon Dayes said, “We are honored to have supported the lenders in this landmark financing and the first ever commercial PPA renewable project in Serbia. This deal showcases Dentons’ expertise in renewables project finance and demonstrates our commitment to assist clients with projects aimed at fostering a greener energy landscape.”

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