International law firm CMS has advised on the Ostrołęka Combined Cycle Gas (CCGT) power plant project, which has been named Power Deal of the Year Europe by the IJGlobal Awards. CMS advised sponsors Energa S.A. and Orlen S.A. on raising debt financing for the construction of the power plant, with a total value of PLN 2.6bn.
The gas-steam power plant in Ostrołęka will be one of the largest of its kind in Poland, and will contribute to increasing the stability of the Polish energy system. The total capacity of the power plant, to be commissioned in 2025, is expected to be around 750 MWe.
Jakub Wieczorek, CMS partner in the Banking and Finance practice, said, "We are proud to support our clients with innovative and market-leading projects."
The Ostrołęka CCGT is a key element of Poland's decarbonisation goals and an important part of both sponsors' energy transformation strategy. The complexity of the project is also reflected in the fact that it is a brownfield investment that makes maximum use of the construction infrastructure prepared for a coal project.
In addition, the gas turbine technology to be installed at the Ostrołęka CCGT will reduce the risk of a power deficit by effectively balancing power generation from rapidly growing renewable sources.
Marcin Bejm, CMS partner heading the Energy and Infrastructure practice, commented, "The Ostrołęka CCGT is one of the key system energy projects currently underway in Poland. It is a project that required meticulous structuring at the project contract level. Given the nature of the green transition in Poland, while gas-fired units are still being built, securing financing for their project finance model has become very challenging. IJ Global acknowledged the efforts of the sponsors and advisors in structuring this project."
The work of the CMS multidisciplinary team was led by partners Jakub Wieczorek and Marcin Bejm, with support from Konrad Leszko, Karolina Bandzul-Król and Przemysław Karolak (Banking and Finance practice) and Piotr Prawda and Jan Radziuk (Energy and Infrastructure practice).
The IJGlobal Awards are presented by IJGlobal for the most important greenfield and refinancing transactions.
IJGlobal is an international publication providing comprehensive data, analysis and news covering all aspects of the global infrastructure and energy finance market. In its analyses of infrastructure and energy projects, it considers the entire deal lifecycle, providing detailed information on, among other things, financial structure, pricing and key players influencing deals and market trends.
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