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CMS advises GREEN SOURCE on financing the construction of photovoltaic parks in Hungary


CMS advised GREEN SOURCE GmbH and its subsidiary Solar Partners on the financing of a power plant construction project in Hungary in the field of renewable energy. Despite the additional challenges arising from the COVID-19 pandemic, after initial discussions in May 2020, the signing of project documentation at the end of July 2020 and financial closing in mid-August 2020, the € 66 million financing was completed in record time.

The project concerns the construction of eight solar power plants with a total peak capacity of 65 MW by five Hungarian project companies owned by Solar Partners. Kommunalkredit Austria AG provided the project companies with financing totalling € 66 million.

International CMS team from Austria, Hungary and Slovakia

An international CMS team from Austria, Hungary and Slovakia has been advising GREEN SOURCE on this project since 2018. CMS Vienna oversaw the project and the negotiations with Kommunalkredit. The loan agreements were signed at the end of July 2020 and financially closed in mid-August 2020.

The four-person core team was led by Johannes Trenkwalder (Partner, Corporate/M&A and Energy, overall transaction lead) and Stefan Paulmayer (Partner, Banking & Finance, financing aspects) and also included Thomas Hamerl (Partner, Infrastructure/Real Estate) and David Kohl (Associate, Corporate/M&A and Energy).

The core team was supported by the Viennese financing experts Günther Hanslik (Partner, Banking & Finance), Linda Marterer (Associate, Banking & Finance), Christoph Birner (Associate, Banking & Finance), the transaction specialists Lisa Oberlechner (Senior Associate, Corporate/M&A), Marie-Christine Lidl (Associate, Corporate/M&A) and Marco Selenic (Associate, Corporate/M&A) as well as Vanessa Horaceck (Associate, Infrastructure/Real Estate). The Vienna-based partner Marcell Clark (Partner, Banking & Finance) advised on English law issues.

The interdisciplinary Hungarian CMS team led by Erika Papp (Managing Partner Hungary, Banking & Finance) also included Árpád Lantos (Senior Consultant, Banking & Finance), Péter Deák (Senior Associate, Commercial), Zsófia Hermann (Senior Associate, Energy), Zoltán Poronyi (Senior Associate, Corporate/M&A), Nóra Dévényi (Associate, Real Estate) and Zita Gressai (Associate, Banking & Finance).

The Slovak CMS team was led by Oliver Werner (Managing Director Slovakia, Banking & Finance) and included Barbora Korenecová (Senior Associate, Banking & Finance), Natália Jánošková (Associate, Corporate/M&A) and Terézia Rusnáková (Associate, Banking & Finance).

Other advisors involved in the transaction included CMS Germany (Antje Becker, Dorothee Janzen, Sonja Ebert), Ashurst and DLA Piper Cologne, each of whom advised third parties involved in the construction project on particular aspects. 


GREEN SOURCE is an internationally oriented company founded in Vienna in 2006 specialising in the development, construction, operation and O&M (Operations and Maintenance) of ground-mounted photovoltaic plants in Central and Eastern Europe for private and institutional investors. GREEN SOURCE has extensive industry knowledge, many years of experience in the Central and Eastern European markets and can rely on a wide network of seasoned partner companies. To date, GREEN SOURCE has developed, constructed and sold 27 projects with a total capacity of over 332 MW. This makes GREEN SOURCE one of the leading project developers in Central and Eastern Europe. The company is made up of an interdisciplinary, flexible and competent team of experts, consisting of project managers, technicians, bankers and consultants. 

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