Coming soon... our new website! Logo Rymarz Zdort Maruta

PGNiG succeeds in arbitration proceedings against Gazprom regarding the revision of the price for gas supplied under the Yamal Contract

Rymarz Zdort represented Polskie Górnictwo Naftowe i Gazownictwo S.A. (“PGNiG”) in arbitration proceedings against PAO Gazprom and OOO Gazprom Export (“Gazprom”) in which PGNiG sought the revision of the contract price for gas supplied by Gazprom under the agreement commonly known as the Yamal Contract.

Based on an award dated 30 March 2020, the ad hoc Arbitral Tribunal in Stockholm recognised PGNiG’s claims and reduced the contract price for the gas supplied by Gazprom, as well as revised the price formula in the Yamal Contract, inter alia, through its material and direct connection with the market price of natural gas on the European energy market.

The new price determined by the Tribunal applies from 1 November 2014, i.e., from the date on which PGNiG filed its price revision request. Following the retroactive application of the new contract price, Gazprom returned to PGNiG approximately USD 1.5 billion for the period from 1 November 2014 to 29 February 2020.

The Rymarz Zdort team representing PGNiG in the arbitration proceedings comprised: Pawel Rymarz (Partner), Krzysztof Sajchta (Partner) and Marek Durski (Partner).

Rymarz Zdort’s banking and finance practice rated by IFLR1000

Rymarz Zdort is pleased to announce the banking and finance ratings that it has been awarded in the recent edition of IFLR1000.

The banking and finance practice was rated Tier 2 for Banking and for Project Finance. Individual Highly Regarded Lawyer ratings for Banking were awarded to Zofia Frydrychowicz and Marcin Iwaniszyn, and Dr Agnieszka Koniewicz was highlighted as a Rising Star for Banking and for Project Finance.

Results of other ratings will be published in due course.

The banking and finance practice of Rymarz Zdort specialises in advising borrowers, sponsors, and issuers, as well as financial institutions on transactional and regulatory matters relating to financings. The firm’s lawyers assist companies of all sizes from every industrial sector, as well as banks and other lenders on bilateral and syndicated, and secured and unsecured loans, private placements, and bond issuances. Our track record includes advising on, among others, acquisition and real estate financings, complex refinancings, corporate and distressed financings, project finance, domestic and international bond financing, including private and public offerings, high-yield bond issuances, and eurobond offerings.

Our list of clients includes the largest Polish and leading international companies active in all industries, including private equity, financial institutions, IT, real estate, media and entertainment, chemicals, energy and natural resources, telecommunications, and many more.

European Logistics Investment and Griffin Real Estate purchase land for the construction of a warehouse in Zabrze

Rymarz Zdort advised European Logistics Investment BV (“ELI”) and Griffin Real Estate in relation to the signing of the transaction documentation and the purchase of land for the construction of a warehouse in Zabrze with a planned GLA of 50,000 sq. m. The warehouse is planned to be constructed for Weber-Stephen Products using the build-to-suit formula. The planned project will be the nineteenth warehouse in ELI’s portfolio.

ELI is one of the biggest logistic platforms owned by Madison International Realty, Redefine Properties and Griffin Real Estate.

Weber-Stephen Products is an international manufacturer of charcoal, gas, electric and pellet grills, as well as grilling accessories, a publisher of cookbooks, and a developer of mobile applications.

The transaction is being carried out in cooperation with Panattoni Development Europe, the market leader in the industrial property sector and which manages the development process concerning the construction of new warehouse facilities.

The work of the Rymarz Zdort team was managed by Piotr Fedorowicz, a partner in the real estate practice. The team comprised Karolina Bakowska (senior associate) and Michal Kostewicz (associate).

A fund controlled by Aberdeen Standard Investments acquired a portfolio of 41 PV projects with a capacity of 40 MW

The law firm of Rymarz Zdort advised a fund controlled by Aberdeen Standard Investments on its acquisition of a portfolio of photovoltaic projects. The portfolio of 41 projects with a total capacity of over 40 MW was acquired from Lithuania-based Modus Group.

The transaction team was led by partner Marek Durski and included Monika Kierepa (partner), Jakub Krzemień (counsel), Dr Jakub Rachwol (counsel), as well as Adrian Augustyniak (associate), Kacper Stanosz (associate), Jakub Cichuta (associate), Patryk Gelar (associate), Andrzej Granat (associate), Michal Kostewicz (associate), Aleksander Jakubisiak (associate), Monika Michałowska (associate), Marta Szczepkowska (associate), and Robert Smigielski (associate).

Funds controlled by Aberdeen Standard Investments acquired a portfolio of 130 PV projects with a capacity of 122 MW

The law firm of Rymarz Zdort advised funds controlled by Aberdeen Standard Investments on another acquisition from R. Power Group of the largest portfolio of PV (photovoltaic) projects ever acquired by this investor in Poland – 130 such projects. R. Power Group is one of the leading players on the Polish solar energy market. The total capacity of the portfolio is 122 MW.

The transaction team was led by partner Marek Durski and included Monika Kierepa (partner), Jakub Krzemien (counsel), Dr Jakub Rachwol (counsel), Adrian Augustyniak (associate), Kacper Stanosz (associate), Patryk Gelar (associate), Andrzej Granat (associate), Piotr Stawowski (associate) Weronika Szyszka (asociate), Marta Szczepkowska (associate), and Wiktor Zien (associate).

Pawel Rymarz recommended by Who’s Who Legal

In the newest edition of Who’s Who Legal ranking, Pawel Rymarz, the managing partner of Rymarz Zdort has been recognised among the group of experts in the M&A and Governance category.

Recognitions in the M&A and Governance category are awarded to leading specialists in the field of corporate law, whose experience distinguishes them on the international market, and whose expertise covers a wide spectrum of consultancy.

Pawel Rymarz has been recognised as one of the leading lawyers in Poland for corporate law, mergers and acquisitions and transactions on capital markets. He has advised on the largest acquisitions and privatizations in numerous domestic and international public offerings of securities and private equity transactions, as well as in the restructuring of many major Polish capital groups. For years, he has been awarded by international legal rankings, such as Chambers & Partners, The Legal 500, IFLR1000, PLC Which Lawyer? and Expert Guides, as well as national rankings maintained by the daily Rzeczpospolita and by the Polish edition of Forbes as one of the best lawyers in Poland in the field of mergers and acquisitions, private equity, and corporate law and company law, capital markets (in the area of equity markets and debt securities), restructuring and bankruptcy law, energy and natural resources, telecommunications law as well as media law and new technologies.

Acquisition and the refinancing of a portfolio of PV projects with an aggregate capacity of 55 MW

Rymarz Zdort advised a company controlled by a fund managed by Aberdeen Standard Investments on the acquisition refinancing of one of its photovoltaic portfolios with an aggregate capacity of 55 MW, located in Poland. Previously, Rymarz Zdort advised on the acquisition itself.

The M&A and energy team was led by Marek Durski (partner) and comprised Jakub Krzemien (counsel) and associates Adrian Augustyniak (associate), Kacper Stanosz (associate), Andrzej Granat (associate), and Marta Szczepkowska (associate).

The banking team, supervised by Marcin Iwaniszyn (partner), was led by Dr Jakub Rachwol (counsel), who was assisted by Sebastian Mikina (associate), Robert Smigielski (associate), and Patryk Gelar (associate).

European Logistics Investment and Griffin Real Estate purchase land to develop warehouses in Ruda Slaska, Czeladz and Torun

Rymarz Zdort advised Griffin Real Estate and European Logistics Investment BV (“ELI”) in relation to the purchase of land and the construction of warehouses in locations where three new warehouse facilities are to be constructed: in Ruda Slaska (with a planned GLA of 56,408 sq.m., Czeladz (with a planned GLA of 36,510 sq.m.) and Torun (with a planned GLA of 16,903 sq.m.). These will be the 16th, 17th and 18th warehouses in ELI’s portfolio, and ELI’s investment strategy envisages further acquisitions.

The transaction is being effected in cooperation with Panattoni Development Europe, the market leader in the industrial property sector, which manages the development process involved in the construction of new warehouse facilities.

The work of the Rymarz Zdort team was managed by Piotr Fedorowicz, a partner in the real estate practice. The team comprised Karolina Bakowska (senior associate), Tomasz Karkowski (associate), Michal Kostewicz (associate) and Aleksandra Sliwa (associate).

Acquisition financing for and the refinancing of a portfolio of PV projects with an aggregate capacity of 45 MW

Rymarz Zdort advised the borrowers controlled by a fund managed by Aberdeen Standard Investments on the acquisition financing and refinancing of one of its photovoltaic portfolios with an aggregate capacity of 45 MW, located in Poland.

The transaction team was supervised by Marcin Iwaniszyn, attorney-at-law, partner and co-head of the Banking & Finance practice of Rymarz Zdort, and was led by Dr Jakub Rachwol (attorney-at-law, counsel), who was assisted by Robert Smigielski (associate) and Patryk Gelar (associate). M&A aspects of the financing were handled by Jakub Krzemien (advocate, counsel).

Regulatory and energy-related support was provided by partner Marek Durski, attorney-at-law and head of the Energy & Natural Resources practice of Rymarz Zdort, assisted by Adrian Augustyniak (attorney-at-law, associate), Kacper Stanosz (associate) and Andrzej Granat (associate).

The sale of 100% of the shares in Virgin Mobile Polska to P4

Rymarz Zdort has been advising the sellers on the transaction of the sale of 100% of the shares in Virgin Mobile Polska sp. z o.o. to P4 sp. z o.o., the operator of the Play mobile telecommunications network.

A preliminary agreement was entered into on 22 April 2020, and the finalisation of the transaction will be subject to antimonopoly clearance. The transaction is valued at EUR 13.4 million.

The firm’s transaction team is headed by Dr Jakub Zagrajek, a partner in the Corporate Department. The team comprises Jerzy Bombczynski (counsel) and Aleksandra Kabac (senior associate).

Tax advice in connection with the transaction is being provided by Robert Krasnodebski (partner), Marek Kanczew (counsel), Marek Sikorski (senior associate) and Michal Chyla (associate).

SIGN IN
to our
Newsletter

Confirm your email

Check your mailbox and click the link to confirm your subscription to our Newsletter.

Thank you!