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01 Oct 2026

A&O Shearman advises lenders on financing of two landmark BESS projects in Poland

"A&O Shearman advised a lender consortium—Erste Bank Polska, PKO Bank Polski, UniCredit and the EBRD—on financing two standalone BESS projects in Poland (Kamionka 100 MW/400 MWh; Mieczysławów 200 MW/800 MWh) for Northland Power subsidiaries. The financings were project-finance green loans and benefit from NFOŚiGW grant support."

A&O Shearman advised Erste Bank Polska S.A., Powszechna Kasa Oszczędności Bank Polski S.A. (PKO Bank Polski), UniCredit and the European Bank for Reconstruction and Development (EBRD) on the financing of two standalone battery energy storage system (BESS) projects in Poland. The transactions concerned a 100 MW / 400 MWh facility in Kamionka and a 200 MW / 800 MWh facility in Mieczysławów. The borrowers are Magazyn EE Kamionka sp. z o.o. and Magazyn EE Mieczysławów sp. z o.o., both subsidiaries of the Northland Power Inc. group. Each project was financed under a project finance structure comprising term loan and revolving credit facilities, including VAT, debt service reserve and bridge facilities, and supported by a comprehensive security package. Both financings qualify as green loans and the projects also benefit from grant funding provided by the National Fund for Environmental Protection and Water Management (NFOŚiGW). With a combined capacity of 300 MW / 1,200 MWh, the projects rank among the largest utility-scale battery energy storage developments currently under way in Poland. Once operational, they are expected to support grid stability and facilitate further integration of renewable energy into the Polish power system. A&O Shearman represented lenders Erste Bank Polska S.A., Powszechna Kasa Oszczędności Bank Polski S.A. (PKO Bank Polski), UniCredit and the European Bank for Reconstruction and Development (EBRD) with a team composed by: Konrad Zawistowski (Senior Associate, Warsaw), Anna Pawelec (Senior Associate, Warsaw) and Aleksander Smakosz (Associate, Warsaw), with support from Michał Rudzki (Associate, Warsaw) and Maria Korba. Project-related matters were handled by Kamil Jankielewicz (Counsel, Warsaw), Antoni Roszkowski (Senior Associate, Warsaw), Maria Kania (Associate, Warsaw) and Daria Bogucka (Associate, Warsaw). English law advice was provided by Miklos Kadar (Partner, Budapest), Jana Marsalkova (Senior Associate, Prague) and Jan Nedvidek (Senior Associate, Prague). The transaction was supervised by Tomasz Kawczynski (Partner, Warsaw).
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