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GTDT: What have been the trends over the past year or so in terms of deal activity in the project finance sector in your jurisdiction?
Magdalena Skowrońska & Tomasz Kalicki: Classical project finance (ie, one without recourse to sponsors) is rather rare in Poland. A common way to proceed in such transactions in Poland is to form a special purpose vehicle (usually a limited liability company), which raises funds and is responsible for implementing the project. However, the financing entities operating in Poland usually require project sponsors to provide suretyships (guarantees), so recourse to sponsors does exist, to a smaller or greater extent.
Project finance in the infrastructure sector (including the public one) is used in public private partnerships (PPP) in Poland. Project finance is applied in Poland in energy projects, particularly combined heat and power projects related to waste management and wind energy projects. It is also used in transport infrastructure projects, including construction of toll motorways and car parks. Large projects using PPP were implemented to increase informatisation in various regions of Poland.
It is a common opinion that PPP is still used insufficiently in Poland. It is estimated that since 2009 the value of (capex or opex) PPP projects has only been 5.6 billion zloty gross.
Full content of the article is available at: https://gettingthedealthrough.com/intelligence/148/article/5597/project-finance-poland
Source: Getting the Deal Through, May 2017
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