mBank and Bank Millennium Back Virya Energy's 135 MWp Żabice Solar Farm in Poland

The first tranche of a financing package for the Żabice PV solar project has already been drawn, moving the 135 MWp development in Lower Silesia, Poland, from signing into the deployment of funds.

Global law firm Clyde & Co advised Virya Energy on the transaction, with the financing provided by two Polish banks, mBank and Bank Millennium.

What the solar farm is expected to deliver

Once operational, Żabice PV is expected to generate approximately 144 GWh of electricity annually, enough to meet the yearly electricity needs of roughly 79,000 Polish households. At 135 MWp, the project ranks among the significant solar developments in Poland's renewable energy landscape. The asset will also broaden Virya Energy's presence in the Polish market. The company already operates wind farms in the country, and Żabice PV extends its portfolio from wind into solar generation.

How Clyde & Co structured its advice

The mandate covered two principal workstreams. The firm negotiated the finance documentation with the lending banks on behalf of Virya Energy, and in parallel prepared the legal due diligence report required for financing purposes, a component that allows lenders to assess legal risks before funds are committed. The engagement drew on lawyers across the firm's Banking & Finance and project practices, spanning Polish and French law capabilities.

The Banking & Finance team was led by Michał Kalicki, Counsel and Head of Banking & Finance in Poland, supported by Marcin Lorenc, Associate, and Dominika Kosmalska, Research Assistant. The due diligence workstream was carried out by Ewa Gołąbek, Senior Associate, together with Associates Julia Kryńska and Witold Szpek, under the supervision of Piotr Dziwniel, Counsel at the firm.

French law aspects were handled by David Méheut, Managing Partner of the firm's Paris office, and Jean-Michel Reversac, Counsel. The press release does not detail the specific nature of those French law elements.

Continuation of an existing advisory relationship

The financing follows Clyde & Co's earlier role on the same asset. Dziwniel said: "Having advised Virya Energy on the acquisition of Żabice PV, we are pleased to continue supporting the company through the next stage of the investment cycle, as it strengthens its position in the Central European renewable energy market." Kalicki described the financing as a significant moment: "Securing construction financing is a defining milestone for any renewable energy project, and we are delighted to have supported Virya Energy in reaching it for Żabice PV. The commitment of mBank and Bank Millennium reflects the continued appetite of Polish banks for well-structured, large-scale solar projects."

Virya Energy's Polish footprint grows

According to the press release, Virya Energy's Polish renewables portfolio already includes operating wind farms, and the addition of the 135 MWp solar asset represents a substantial increase in the company's Polish generation capacity.

The release does not quantify the company's existing capacity or total portfolio size. Dziwniel's comments frame the deal as part of Virya Energy strengthening its position in the Central European renewable energy market, with Poland positioned as a key geography in the company's investment cycle.

Domestic lender interest in Polish solar

The participation of mBank and Bank Millennium is presented in the press release as evidence of sustained domestic banking interest in the Polish solar sector. With the finance documentation negotiated, the due diligence report completed and the first tranche drawn, the project has passed the transition from acquisition to construction financing, and attention now shifts to the construction phase supported by the facility agreed with the two lenders.