International law firm Simmons & Simmons has announced that it has successfully advised Berenberg, as lender, in a significant renewable energy financing deal. The transaction involved a Promissory Note Loan Agreement, providing financing of €26 million to Green Genius, a renewable energy company, for the construction of a new solar park in Latvia.
The project, located in Jekabpils, Latvia, is a 121 MW solar park that is set to start generating electricity by mid-2025. With a total planned investment exceeding €100 million, the project stands as the largest of its kind in Latvia and the second-largest stand-alone solar park in the Baltic countries. The financing deal also involved a €61 million loan from Nord LB.
The deal was led by Jens Gölz, who heads the energy, natural resources, and infrastructure (ENRI) sector at Simmons & Simmons in Germany. He was supported by supervising associate Stella Gradinaroff.
Commenting on the deal, Jens Gölz said, "We are proud to have advised Berenberg on this significant transaction, which marks a major step forward in the renewable energy sector in the Baltic region. This deal not only underscores Simmons & Simmons' commitment to supporting our clients in the renewable energy sector but also our expertise in complex cross-border financing transactions."
The Jekabpils solar park, covering a 151 ha area, is set to become a landmark in Latvia's renewable energy landscape, further cementing the country's commitment to sustainable energy solutions.
A team from law firm Sorainen provided legal advice regarding Latvia and Lithuania law.
