Kinstellar advises Bank of China (Hungary) on a USD 75 million financing for the construction of a 100 MWp photovoltaic power plant in Hungary
February 2021 – Kinstellar is proud to support the Bank of China in its efforts to develop infrastructure projects in Central and Eastern Europe. Kinstellar’s Budapest office has recently advised Bank of China (Hungary), which acted as mandated lead arranger and facility and security agent, in relation to an approximately USD 75 million loan to China National Machinery Import and Export (CMC), as sponsors, for the construction and operation of a 100 MWp photovoltaic power plant in Hungary. The financing was provided across two tranches with a maturity of 15 years.
The 100 MW power plant will be built in Kaposvár, a city in south-western Hungary, and provide electricity to 50,000 inhabitants. The project consists of two 49.28 MW photovoltaic power plants.
Kinstellar’s team in Budapest was coordinated by Levente Hegedűs (Counsel) and Máté Nagy (Senior Associate), and also included Zoltán Zagyva (Junior Associate). Csilla Andrékó, Partner and Head of the firm-wide Banking & Finance practice serves as the firm’s relationship partner of Bank of China.
London-based international law firm Ashurst acted as English counsel to Bank of China on the transaction.
Bank of China is one of the world's largest banks and one of China's four state-owned commercial banks. Its businesses cover commercial banking, investment banking and insurances. The bank provides a comprehensive range of high-quality financial services to individual and corporate customers as well as to financial institutions worldwide.
Speaking about the transaction, Csilla Andrékó explains: "We are delighted to have supported the Bank of China on this successful market-leading financing. The project showcases our strength in project financing and the energy and infrastructure sector and is evidence of the high-quality, wide-ranging and focused advice our firm can provide to its clients. We particularly appreciate the opportunity to have worked closely with this leading international banking group and its outstanding management team to facilitate the success of this transaction."
For more information please contact Csilla Andrékó, Partner, at .