DLA Piper advises ONDE on sale of Cyranka photovoltaic farm
The law firm DLA Piper has advised ONDE on the sale to ENGIE Zielona Energia of a 100% stake in Cyranka, which owns two photovoltaic power plants with a total capacity of 18 MW located in Gizycko (northeastern Poland).
The transaction represents the first development project completed by ONDE under the develop, build and sell formula. ONDE intends to use the funds raised to develop more power plants from its portfolio. The value of Cyranka under the enterprise value formula was set at around PLN75 million (approx. EUR17 million). The final amount that ONDE received from the buyer under the transaction was adjusted for the value of Cyranka's net working capital and net indebtedness, including indebtedness under loans to finance the construction of the aforementioned photovoltaic power plants, which the buyer agreed to repay under the transaction.
ONDE is a leading infrastructure contractor for the renewable energy sector (#renewables) in Poland, specialising in the construction of wind and photovoltaic farms. ONDE, which is part of the Erbud Group, is a public company that has been listed on the Warsaw Stock Exchange since 2021. ONDE's strategic goal is to maintain its position as a leading contractor of renewable energy installations in Poland and to develop such services in selected European markets, while building a second, equally strong business leg - the development of renewable energy installations on a develop-build-sell basis. Currently, ONDE's investment pipeline has a potential of 769 MW, of which 209 MW worth of projects already have construction permits.
From DLA Piper Poland's side, the transaction was led by Jakub Domalik-Plakwicz and Marek Kłeczek, with the support of Kamila Możdżeń and Arkadiusz Karwala.
We would like to thank ONDE (represented by Paweł Średniawa, Marta Masternak, Maciej Grzesiewski, and Jagoda Rybinska) for the trust they placed in us during the project, ONDE's M&A advisors from Deloitte Financial Advisory (represented by Kamil Janczyk, Adam Pankowski, and Robert Staniszewski), as well as the buyer: ENGIE Zielona Energia (represented by Robert Kiszka and Katarzyna Śleziak) and the buyer's advisors from Dentons (represented by Agnieszka Kulińska and Filip Raubo) for their professional cooperation!