28. July 2023
Vienna-based law firm PHH has advised Kommunalkredit Austria AG (Kommunalkredit) on the project financing of the Senyö photovoltaic plant with a peak capacity of 63 MW.
By early 2024, a major solar park will commence operations in Senyö / Hungary, fortifying Hungary’s energy infrastructure. GREEN SOURCE and CORE VALUE CAPITAL have commissioned the German-based Iqony Solar Energy Solutions GmbH to construct the plant on the basis of an EPC (engineering procurement and construction) contract. To date, GREEN SOURCE and CORE VALUE CAPITAL have developed and implemented more than 30 energy projects with a total capacity of more than 332 MWp and a total investment volume of over EUR 820 million in the Czech Republic, Slovakia, Croatia, Romania, Russia and Hungary. In addition to the Senyö solar park, four additional PV plants are currently in development in Hungary.
Anna Hofmann, managing director of Green Source, comments: “With the construction of the Senyö solar park in Hungary, GREEN SOURCE, together with our partner Core Value CAPITAL, continues its expansion in the renewables sector in Central and Eastern Europe. As in previous projects, we have built on the financial expertise of Kommunalkredit.”
Bernd Fislage, Kommunalkredit CEO: “Our goal is to create a better world by enabling the development and construction of sustainable infrastructure. We are proud to have led this transaction, as it will provide communities with renewable energy and congratulate Green Source and Core Value Capital on realizing this important project. We are looking forward to continuing our co-operation with Green Source and CORE VALUE CAPITAL and provide our support to accelerate the green transition with future joint projects.”
Wolfram Huber, banking and finance partner at PHH, adds: “PHH has been advising lenders on project financings in the renewables sector for many years. We are pleased to have advised Kommunalkredit with our expertise also on this exciting infrastructure transaction with Green Source and Core Value Capital.”
In addition to Wolfram Huber, Banking and Finance attorney at law Lisa Urbas assisted on the deal. Dentons Hungary advised Kommunalkredit on matters of Hungarian law. GREEN SOURCE and CORE VALUE CAPITAL were advised by CMS.
About PHH
PHH Rechtsanwält:innen GmbH is one of Austria’s leading commercial law firms and has received several national and international awards. Our ten PHH partners and around 70 employees work in expert clusters ranging from M&A to litigation, banking and finance law, tax planning and real estate law. We stand for highly qualified legal advice, loyalty and creative solutions. Further information at www.phh.at
About Kommunalkredit
Kommunalkredit Austria AG is a specialist for infrastructure and energy financing. Together with its customers as partners, Kommunalkredit Austria AG creates value that continuously improves people’s lives. In doing so, it facilitates the construction and operation of infrastructure facilities by balancing the financing needs of project sponsors and developers with the growing number of investors looking for sustainable investment opportunities. Main investment segments are energy & environment | communications & digitalisation | transportation | social infrastructure | natural resources.
About Green Source
Green Source is a Vienna-based company founded in 2006 which specializes in the development, implementation and operation of ground mounted photovoltaic projects in Central & Eastern Europe for private and institutional investors.
About Core Value Capital
Founded in 2012, Core Value Capital is a private equity firm headquartered in Vienna, Austria. The firm is dedicated to identifying secure and financially sound investment opportunities that offer either economic, social, or environmental sustainability. The firm also manages the assets of institutional and high-net-worth investors.