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13 June 20241 minute read

DLA Piper Advises on Landmark Financing for Latvia's Largest Standalone Solar PV Plant

DLA Piper has advised NORD/LB, as sole mandated lead arranger and senior lender on the construction bridge financing of the largest standalone solar PV project in Latvia, a landmark transaction in the Baltic region. The 121 MWp Kukas project is being developed by SIA Baltic Biorefinery Group, with Green Genius serving as the sponsor, EPC contractor and long-term operator. Mezzanine finance was provided by Berenberg. The project is financed on a fully merchant basis and is expected to reach operations in 2025.

The DLA Piper team was led by Laura Gordon, Charlotte Eliades, and Nathan Sharpe on financing matters, with Rubayet Choudhury and Sophie Linnell on due diligence.

Natasha Luther-Jones, International Head of Sustainability and ESG , Global Co-Chair of Energy and Natural Resources Sector at DLA Piper, commented: “We are proud to have worked again with long standing client Nord/LB and to have been lead counsel in supporting this key strategic financing in Latvia. The Kukas solar PV project is a significant step towards increasing renewable energy capacity in the Baltics, and we are delighted to be part of such a transformative initiative. Well done Green Genius and Nord/LB!”