Clifford Chance

Clifford Chance advised UniCredit Bank and Garanti BBVA in the loan agreement with DRI for up to EUR 60 million to finance a 126 MW photovoltaic plant

A multijurisdictional team of Clifford Chance Project Finance lawyers, coordinated from Bucharest, advised lenders UniCredit Bank SA and Garanti BBVA, and UniCredit SpA as Facility Agent and Sustainability Agent, in the signing of a financing agreement for a package of non-recourse loans of up to EUR 60 million equivalent (approx. EUR 56 million and RON 22 million VAT facility) with DRI as borrower.

The agreement is an important milestone for DRI, marking its first internationally led syndicated financing, as well as its first certified green loan and first multi-currency loan. The funds will be used by DRI, the renewables arm of energy group DTEK, for the development of a solar park with an installed capacity of 126 MW in Dâmbovița County, Romania.

Clifford Chance assigned a complex team to the project, including Nadia Badea, Partner and Head of the Energy Practice in Bucharest, Andreea Șișman (Partner), Loredana Ralea (Partner), Alexandru Achim (Senior Associate), Adelina Seserman (Senior Associate) and Georgiana Cupaș (Lawyer). The team advised throughout the entire process, from due diligence to Project Finance-related aspects, negotiation, drafting and signing of deal-related documents.

Partner Anna Thwaites from the Clifford Chance Frankfurt office advised on English law aspects of the agreement, while specialized lawyers from the Clifford Chance offices in Amsterdam and Milan provided support with Dutch and Italian law aspects specific to the deal.