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We handle the full spectrum of renewable energy investments – wind farms, photovoltaic projects, hybrid projects, energy storage systems, and PPA and cPPA contracts + The developing topic of Data Centers
At every stage – from initial legal analysis and special purpose vehicle acquisition, through financing and construction, to operation and energy sales.
Yes, we have experience in handling matters related to real estate, grid connections, leases, and regulatory disputes.
Yes, we participate in project financing processes, negotiate security documents, and support in fulfilling conditions precedent.
Yes, we have repeatedly joined projects at various stages – we help organize documentation, optimize costs, and resolve disputes.
These are most commonly regulatory issues related to energy access, energy efficiency (PUE), heat recovery, building permits, and contracts with infrastructure suppliers.
Yes. In the EU and Poland, increasingly stringent standards apply regarding energy efficiency (PUE) and the use of renewable energy and heat recovery.
These include grid connection agreements, PPA contracts for energy supply, construction contracts, SLAs with operators, lease contracts, and regulations concerning data transmission (backbone, dark fiber).
PPA (Power Purchase Agreement) is a long-term contract for purchasing energy from renewable sources. It ensures cost predictability, regulatory compliance, and helps meet ESG requirements.
Yes. It covers real estate, environmental and building permits, energy contracts, industry regulations, and customer contracts.
We advise on colocation models, managed services, cloud (hyperscaler), edge data centers, and high performance computing (HPC).
New data centers must gradually increase the percentage of recovered heat – from 10% to 20% over several years. This requires additional investments, such as in heat pumps.
Yes, we support compliance with legal regulations concerning data security, systems, and critical infrastructure.
SLA (Service Level Agreements) define the guaranteed level of availability, power, and service quality. These are key contracts that must be precisely legally secured.
These include delays in grid connection, non-compliance with energy regulations, disputes with contractors, and risks arising from customer contracts.
Yes. We advise not only on construction and financing, but also in ongoing operations – contract renegotiations, environmental regulations, customer and energy supplier contracts.
Because we combine energy law, IT, and real estate in one place. We provide comprehensive legal protection, faster time to market, and complete investment security.
It’s a comprehensive analysis that detects legal, technical, and environmental risks, ensuring the investor knows exactly what they are purchasing.
Typically: legal titles to land, environmental and construction permits, grid connection conditions, connection agreement, contracts with contractors and suppliers.
Depending on complexity – usually from several weeks to several months.
Most commonly at the RTB (ready-to-build) stage – after obtaining permits but before construction.
We don’t provide financial valuation, but our legal analysis identifies risks that decrease value and assets that increase valuation.
An RTB project has permits and grid connection. A bankable project additionally has secured revenue (auction/PPA) and a structure enabling debt financing.
The price increases because the key price risk is eliminated – revenue guarantee makes the project bankable and increases its valuation.
It’s the risk of legal changes that could threaten the project. We minimize it by verifying the finality of decisions and implementing warranties (R&W) in contracts.
The standard practice is selling shares in the SPV – it ensures legal continuity and transfer of all permits and contracts without the need for repeated procedures.
To jedno z kluczowych pytań. Umowy projektowe zwykle zawiera się na 30 lat. To umowa pokoleniowa, fundamentalna, życiowa, którą bezwzględnie trzeba sprawdzić i przemyśleć.
Zanim podpiszesz umowę, która na kolejne 30 lat może uniemożliwić rozsądne i prawidłowe wykorzystanie działki pozwól nam sobie pomóc i ją sprawdzić.
Mimo błędnego przekonania na rynku zawarcie umowy dzierżawy na 30 lat nie stanowi zagrożenia dla właściciela i nie daje podstaw do zasiedzenia nieruchomości przez inwestora. Sam fakt zawarcia umowy to wyklucza. Jednocześnie taki okres dzierżawy pozwala w pełni wykorzystać kodeksowe zalety terminowej umowy i pełnego okresu życia inwestycji.
Z uwagi na tak długi okres obowiązywania umowy stanowczo rekomendujemy jej analizę prawną i wynegocjowanie przed podpisaniem. Zabezpieczamy interesy zarówno inwestorów jak i wydzierżawiających.
Istotą umów zawieranych na czas określony jest m.in. jej trwałość w okresie obowiązywania. Umowę można wypowiedzieć tylko z ważnych powodów przewidzianych przez strony.
Ponieważ umowa na kilkadziesiąt lat to często życiowa decyzja treść umowy należy dokładnie skonsultować z doświadczonym prawnikiem przed podpisaniem. Analizowaliśmy tysiące umów i chętnie pomożemy.
Rozwój projektu wymaga szeregu kroków w różnych dziedzinach prawa – od tytułów prawnych do nieruchomości, planu zagospodarowania przestrzennego / decyzji lokalizacyjnych, przez decyzję środowiskową i inne decyzje administracyjne aż do pozwolenia na budowę.
Prowadzimy klienta przez cały proces, dbając o prawidłowe i terminowe złożenie dokumentów i reprezentując go przed organami administracji.
Tak, istnieją niezależne podstawy cywilno i administracyjnoprawne do wymuszenia służebności przesyłu. Każda z nich ma jednak swoje wymagania i specyfikę postępowania.
To zależy jakiej inwestycji. Przykładowo do uzyskania pozwolenia na budowę turbin wiatrowych konieczny jest plan zagospodarowania przestrzennego dopuszczający ten rodzaj wytwarzania energii oraz parametry (np. wysokość czy moc turbin) zgodne z tymi wskazanymi we wniosku o wydanie pozwolenia na budowę.
Decyzja środowiskowa jest wymagana dla projektów OZE, które mogą zawsze lub potencjalnie znacząco oddziaływać na środowisko.
Mimo, że jest to energia ekologiczna to jednak proces budowy i eksploatacji niesie ze sobą pewną uciążliwość dla środowiska. Podobnie zresztą jak droga, tama na rzece czy każda inna budowla. Cywilizacja wiąże się z ingerencją w środowisko.
W przypadku OZE z całą pewnością jest ona jednak nieporównywalnie mniejsza niż elektrownie konwencjonalne. Generalnie farmy wiatrowe czy duże farmy PV wymagają decyzji środowiskowej. „Diabeł tkwi w szczegółach” – w tym przypadku w zakresie monitoringu środowiskowego i ograniczeniach dla inwestycji.
Obecnie procedura trwa ok pół roku od dnia złożenia prawidłowego wniosku. Podstawowe znaczenie ma jednak nie to kiedy ale czy w ogóle moc przyłączeniowa będzie w danym rejonie dostępna. Polski system elektroenergetyczny cierpi bowiem na chroniczny brak dostępnych mocy przyłączeniowych.
Dlatego tak ważny jest dobór profesjonalnych doradców prawnych, którzy zminimalizują ryzyko dewelopowania projektu w miejscu, w którym projekt OZE w praktyce nie może uzyskać warunków przyłączenia do sieci. Zapewniamy wsparcie w trakcie całego procesu, od złożenia wniosku po negocjowanie warunków umowy o przyłączenie, co pozwala skrócić i usprawnić ten etap.
Główne ryzyka to wadliwe przygotowanie tytułów prawnych do gruntu, niezgodność planowanej inwestycji z przepisami miejscowego planu, brak możliwości uzyskania decyzji środowiskowej lub warunków przyłączeniowych do sieci.
Nasza rola polega na identyfikacji tych ryzyk i ich minimalizacji.
Due diligence to szczegółowa analiza projektu (np. nabywanego od innego inwestora). Jej celem jest wykrycie ryzyk, ich ocena i zaproponowanie potencjalnych rozwiązań. Jest to kluczowy element bezpieczeństwa transakcji, który pozwala uniknąć kosztownych błędów w przyszłości.
Oczywiście. Wynegocjowaliśmy lub dostosowaliśmy do prawidłowego stanu tysiące umów. Rozumiemy oczekiwania inwestorów, banków finansujących projekty jak i samych właścicieli działek.
Nasze usługi obejmują również wsparcie w negocjacjach z właścicielami gruntów. Przygotowujemy i opiniujemy projekty umów, dążąc do wypracowania warunków, które są korzystne i bezpieczne dla naszego klienta, a jednocześnie akceptowalne dla drugiej strony.
Zalet jest wiele – głównie zapewnienie minimalnej ceny za 1 MWh przez okres do 15 lat oraz możliwość przedłużenia terminu na przyłączenie instalacji do sieci.
The construction of a renewable energy project in Project Finance format is carried out through a Special Purpose Vehicle (SPV) or Special Purpose Company (SPC).
This is a special purpose company, established solely for the implementation and operation of a specific renewable energy project.
The SPV acts as the borrower, and its assets – such as:
the renewable energy project,
executed contracts,
obtained permits and decisions –
serve as the main security for banks.
This allows the investor (project sponsor) to:
limit their liability for investment success and debt repayment,
protect the remaining assets of the main business (ring-fencing).
This is one of the major advantages of Project Finance funding.
Although the terms Ready-to-Build (RTB) and project bankability often appear together, they describe different stages of investment maturity of a renewable energy project.
Ready-to-Build (RTB)
is the stage where the project is ready to begin physical construction work.
In practice, however, this term is often misused – many developers consider a project RTB after obtaining a building permit, overlooking other necessary documents required during actual investment implementation.
The JESMAN team knows this process thoroughly and supports clients in avoiding mistakes at this stage.
Project Bankability
means that the project is ready to obtain bank financing.
RTB is a necessary but insufficient condition for a project to be considered bankable.
In practice, we encounter many projects with valid building permits that are technically or legally unfeasible, and therefore do not meet Project Finance criteria.
In the Project Finance model, securities form the foundation of the transaction.
Since banks provide financing on a limited or non-recourse basis to the investor’s assets, project assets and cash flows are crucial.
The most common Lender Security Package includes:
pledges on shares in the SPC/SPV,
pledges on project assets,
security assignments of key agreements,
Direct Agreements with project counterparties,
submission to enforcement declarations,
bank guarantees and other financial instruments.
An important element is also securing project revenues – e.g., through long-term PPA agreements or renewable energy auctions.
A Direct Agreement is a key security instrument in the Project Finance model.
It is a tripartite (or multilateral) agreement between:
Lending Banks (Lenders),
Special Purpose Company (SPC/SPV),
and one of the key Project Contract Parties (e.g., EPC/BoP contractor, turbine supplier, O&M operator, PPA energy off-taker).
Its main purpose is to enable banks to take over the rights and obligations of the SPC/SPV towards a given counterparty in case of:
declaration of insolvency of the special purpose company,
or breach of the loan agreement (default).
This allows banks to maintain project continuity and the ability to protect the security value.
Nie. Prawo energetyczne pozwala na przyłączenie instalacji należących do różnych inwestorów. W takim przypadku konieczne są szczegółowe porozumienia regulujące odpowiedzialność, zakres obowiązków i sposób rozliczeń pomiędzy stronami.
Nie. Zgodnie z art. 7 ust. 1f prawa energetycznego możliwe jest przyłączenie większej liczby instalacji. Wymaga to jednak bardziej złożonej struktury prawnej i technicznej, m.in. zastosowania tzw. strażników mocy (Power Limiter).
Dla wszystkich instalacji wydaje się jedne wspólne warunki przyłączenia i zawiera jedną umowę przyłączeniową. Dodatkowo wymagane są: osobne punkty pomiarowe, zabezpieczenia techniczne mocy przyłączeniowej oraz porozumienia między wytwórcami regulujące wspólne obowiązki wobec operatora.
Status prawny magazynów energii jest złożony. Pomagamy w uzyskaniu niezbędnych pozwoleń (w tym z URE) oraz w negocjowaniu umów bilansujących, które określają zasady ładowania, rozładowywania i sprzedaży energii zgromadzonej w BESS.
Nie. Obowiązek uzyskania koncesji dotyczy wyłącznie instalacji magazynowych o mocy większej niż 10 MW (stan prawny koniec 2025 r.).
Magazyn zwiększa przewidywalność przepływów pieniężnych dzięki możliwości arbitrażu cenowego (kupowanie taniej, sprzedaż drożej), ochronie przed cenami ujemnymi i stabilizacji dostaw. Poprawia to ocenę projektu przez banki i ułatwia finansowanie.
Is it necessary to have a license for energy production?
As a general rule, yes. Article 32 of the Energy Law (as of the end of 2025) requires obtaining a license for RES energy production, with the exception of:
micro-installations (up to 50 kW),
small installations (>50 kW and <1 MW),
installations producing exclusively from agricultural biogas or bioliquids,
installations producing exclusively from hydrogen (low-emission, renewable, and renewable of non-biological origin).
For installations with a capacity greater than 50 MW, the license is issued by the President of the Energy Regulatory Office.
The most common problems are:
failure to meet the completion deadline, budget overruns, disputes over the quality of work performed, and lack of financial securities.
Provisions regarding additional works are also important.
We negotiate clauses (e.g., contractual penalties, guarantees) that minimize these risks.
RES projects are generally treated as a single undertaking. However, separating permits (e.g., for turbines, power line, station) can be beneficial – it often accelerates and simplifies procedures. It’s important to remember that permits for turbines are issued by the voivode, while for other elements – by the starost.
First, we activate the securities provided for in the contract. We represent Clients in discussions motivating the contractor to fulfill their obligations, and if necessary – in court disputes and substitute performance procedures.
Yes, it also includes the inspection phase. We support Clients with EON (energization operational notification), ION (interim operational notification), and FON (final operational notification) procedures.
Connection conditions are issued at the development stage and are necessary for construction. The operational permit concludes the construction process. Both documents are required as attachments to the license application.
Changing the capacity or type of panels/turbines may require updating: connection conditions, connection agreement, building permit, and sometimes also environmental decision and spatial development plan.
At least 30 days before submitting the first application for covering the negative balance, you can update the offer once:
change the planned date of entering the auction system,
change the installed capacity (as long as it doesn’t affect the auction basket).
The application is submitted after construction is completed, the installation is connected to the grid, and the operational permit is obtained. However, documents should be collected earlier to avoid wasting time after the investment is completed.
Clauses must be precise – defining the consequences of delays (e.g., due to weather), rules for settling additional costs, and the procedure for reporting events. This helps avoid disputes and unnecessary losses.
The main advantage of winning an auction is ensuring stable revenues from the installation for up to 15 years.
This ensures:
the bank gains a guarantee of revenues at a specified level and for a specified period, which facilitates financing,
the energy price is indexed annually by the inflation rate,
The Settlement Manager, as a State Treasury company, acts as a secure guarantor of payments.
An auction is a quasi-tender procedure in which producers offering the lowest sale price for RES energy win.
In Poland, auctions are organized by the President of URE, and settlements are conducted by OREO (Settlement Manager S.A.).
Different technologies compete in so-called auction baskets.
The winner obtains the right to a fixed, indexed price for 15 years.
The mechanism involves covering the difference between the winning price and the market price (surcharge or return of surplus).
OREO (Renewable Energy Settlement Operator) – this function is performed by Settlement Manager S.A.
Its tasks include:
settling balances (negative and positive),
guaranteeing the realization of auction prices,
securing the bankability of RES projects.
It is worth noting that OREO does not purchase energy – it acts as a price guarantor, not an energy buyer.
Auction – intended for large projects, it takes the form of a contract for difference. The producer receives a subsidy if the market price is lower than the auction price, and vice versa.
Feed-in Tariff (FiT) – for smaller installations; it guarantees a pre-determined price for all production, regardless of the market and without price competition.
The following is required:
obtaining a certificate of admission to the auction (so-called pre-qualification at URE),
attaching to the application, among other things, grid connection conditions / connection agreement and a final building permit,
establishing financial security: PLN 60/kW (PLN 60,000/MW) in the form of a deposit or bank guarantee (legal status as of end of 2025).
After winning the auction, the installation is built, connected to the grid, an occupancy permit is obtained, and a concession is acquired – only then does the project enter the auction system.
It is crucial to offer the lowest price per 1 MWh while maintaining the investment’s profitability.
The analysis should include:
CAPEX and OPEX – construction, equipment, connection, and operating costs,
financial model – debt and equity structure, IRR,
competition – e.g., wind power often offers lower prices than PV,
alternatives – the attractiveness of PPA/cPPA at a given moment,
precise offer preparation – errors can cost profitability for 15 years.
The RES Act allows for a single change to:
the planned date of entry into the system (within statutory deadlines, e.g., 33 months for PV and onshore wind),
the amount of energy,
installed capacity (provided it falls within the original auction basket).
Updates are made by notifying the President of URE within 30 days before:
the first sale of energy in the system (for “small” installations),
the first application for covering a negative balance in OREO (for “large” installations).
No. PPA (Power Purchase Agreement) exclusively regulates the commercial terms of energy sales between the producer and the consumer.
A license, issued by the President of ERO, is a formal authorization to conduct business activities in the field of energy generation and trading.
These are two separate matters – a license is mandatory, while PPA/cPPA serves to optimize revenues.
PPA – general term for a long-term energy sales agreement.
cPPA (Corporate PPA) – a specific form where the consumer is an enterprise (corporation).
cPPA allows the consumer to reduce energy costs and supports the achievement of ESG goals, while providing the producer with revenue stability.
Yes. GO are regulated by law and constitute a separate trading instrument.
In PPA agreements, we precisely determine who holds the rights to GO and whether they are transferred together with the energy.
We also handle the trading of guarantees of origin as an additional source of revenue for producers.
Sleeved PPA – concluded with the participation of a traditional energy seller,
Virtual PPA (vPPA) – a financial instrument securing the price.
In both cases, it is essential to precisely regulate settlements and financial securities, including:
bank guarantees,
credit support annex clauses,
contract termination conditions in case of significant market price changes.
Yes. We introduce change in law and regulatory risk clauses that enable contract renegotiation or termination in case of legal changes threatening the profitability of the investment.
No. Guarantees of origin are granted only after a license for electricity generation is issued for the project. They are not granted for the commissioning period.
An O&M agreement is crucial for reliable operation.
Key areas to focus on:
scope of contractor’s responsibility,
response and repair times,
penalties for non-compliance with technical parameters (e.g., plant availability),
subcontractor provisions.
Most frequently relate to:
payment delays from off-takers under PPAs,
disputes with service providers (O&M) regarding liability for failures and plant unavailability.
We represent clients in both mediation and court proceedings.
Imbalance (so-called deviations) is one of the most significant financial risks.
We assist in negotiating balancing agreements to:
eliminate the risk of penalties for deviations,
clearly define which party is liable,
introduce mechanisms for compensating production fluctuations.
Providing system services (e.g., power reserves) can be an additional source of income.
When negotiating with PSE, ensure the following:
technical conditions and testing procedures,
contractual penalties for plant unavailability,
full compliance with regulations to fully and profitably utilize the plant’s potential.
It is an electricity system management mechanism applied, for example, to PV installations.
Its purpose is to maintain grid balance and security, often at the cost of curtailments in RES production.
We assist in negotiating with grid operators and securing compensation for curtailments.
Generally – yes. RES producers are entitled to compensation for lost production, but its scope depends on the provisions in connection agreements and annexes.
Polish regulations in this regard are more restrictive than EU regulations (EU Regulation 2019/943) – therefore, we always recommend legal consultation before signing documents.
Do you have questions?
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