Leading international law firm Herbert Smith Freehills has advised Renewable Power Capital (RPC) on a joint venture with Tundra Advisory (Taiga Mistral Group) to develop a pipeline of up to 1 GW of onshore wind projects across the country. This marks RPC's entry into the onshore wind market in Poland and its first deal in the CEE region.
Established in 2020 and backed by CPP Investments, RPC is a pan-European renewable energy investment platform that invests in the development, construction, and long-term ownership of solar, onshore wind and battery storage projects. RPC will provide a highly flexible source of long-term funding to the joint venture with Tundra to maximise value and scale.
Tundra, a subsidiary of energy transition-focused investment management company Taiga Mistral, has developed, financed and built more than 300 MW of onshore wind and solar PV in Poland.
Poland has the potential to be one of Europe’s fastest-growing onshore wind markets. The Polish Government currently expects around 25 GW of renewable electricity generation capacity by 2030, a doubling from 2020 levels.
The joint venture adds to RPC’s wind portfolio based in Finland and Sweden, as well as a 3 GW solar pipeline in Spain, and a 1 GW battery storage venture in Great Britain.
The Herbert Smith Freehills team was led by corporate partner Iria Calviño and included corporate partners Nicolás Martín and Sarah Pollock, senior associates Miguel Fraga, Chris Davis and Eduardo Dachary, associate Victoria Herce, competition partner Veronica Roberts and senior associate Max Kaufman.