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Greenberg Traurig advised ONDE on its IPO on the Warsaw Stock Exchange

WARSAW, July 19, 2021 - Greenberg Traurig acted as legal counsel to ONDE S.A. (“ONDE”) in the initial public offering of shares in ONDE and their admission to trading on the regulated market operated by the Warsaw Stock Exchange. 

ONDE is a leading infrastructure contractor for the renewable energy sector (RES), in particular wind and solar PV farms in Poland. ONDE has been involved in the construction of projects with a total capacity of approximately 2.8 GW, including wind farm projects with a capacity of almost 2.6 GW, and solar PV farm construction projects with a capacity of approximately 220 MW. ONDE also operates in the road and engineering construction sector, implementing road infrastructure projects in Poland.

The total value of the IPO was PLN 444.5 million, making it the second largest IPO in Poland this year. The offering attracted high interest, with all the offered shares sold at the maximum price, indicating ONDE’s valuation at PLN 1.43 billion. As part of the IPO process, ONDE will raise PLN 214.5 million gross from the issue of new shares. These funds will be used mainly to acquire new wind and photovoltaic farm projects that the company will build in a build and sell system and to finance the construction of renewable energy projects already purchased by ONDE.

Greenberg Traurig provided complex legal advisory services to ONDE, including preparation and execution of the IPO.

"Congratulations to ONDE and all of the involved parties on the successful completion of this unique IPO. The market success of ONDE perfectly illustrates the development and potential of the renewable energy sector in Poland. Greenberg Traurig is actively involved in this dynamic process," said Partner Rafał Sieński.

The transaction was led by Associate Michał Bałdowski who was supported by Associates Grzegorz Socha and Jakub Tarłowski.  

Partner Rafał Sieński supervised the Team. 

ONDE has purchased a portfolio of projects with a total capacity of 379 MW, including 241 MW in greenfield solar PV farm projects and 138 MW in projects with a renewable energy auction won or building permit secured, purchased a wind farm project with a total capacity of 34 MW with a connection to the grid conditions secured, and has additionally secured PV farm projects with a total capacity of 84 MW and wind farm projects with a total capacity 35.2 MW with a building permit secured.

ONDE is part of the ERBUD capital group, one of the largest Polish construction groups with over 30 years of experience on the Polish market and in Western Europe.  ERBUD specializes in the construction of buildings, engineering and road construction, industrial and power engineering. Annually, it executes projects with a value of over PLN 2 billion. Since 2007, ERBUD S.A. has been listed on the Warsaw Stock Exchange.

Greenberg Traurig is recognized as a longstanding leader in Poland with respect to capital markets, having recently advised the investment banks on the IPO of Allegro. For many years, the Warsaw Capital Markets Practice has been consistently ranked at the very top by leading international directories: Band 1 by Chambers Global, Chambers Europe and the Legal 500, as well as Tier 1 by the IFLR 1000. The Practice offers clients an unparalleled breadth of experience in all aspects of Polish securities law, allowing for the facilitation of all phases of securities transactions on Polish and international capital markets. Greenberg Traurig Warsaw’s seasoned capital markets professionals are acknowledged leaders in Poland and together make up one of the most experienced teams amongst international law firms in the vibrant Central European market.

Greenberg Traurig LLP

Greenberg Traurig, LLP is an international, multi-practice law firm with approximately 2200 attorneys serving clients from 40 offices in the United States, Latin America, Europe, Asia, and the Middle East. 

Greenberg Traurig Grzesiak sp.k. was named the 2021 Poland Firm of the Year award at the highly esteemed Euromoney Legal Media Group “Women in Business Law Awards 2021 Europe” and the 2021, 2019, 2018 Law Firm of the Year in Poland by International Financial Law Review (IFLR). The Warsaw office of Greenberg Traurig, LLP provides legal services to clients in Central Europe and beyond and consists of approximately 100 lawyers. Team members are regularly recognized as leaders in numerous practice areas. Chambers Global, Chambers Europe, IFLR1000 and EMEA Legal 500 consistently rank them among the top tiers the areas of Corporate/M&A, Capital Markets, Real Estate, Private Equity, Tax, Banking and Finance, Project Finance, Energy, Dispute Resolution and TMT.

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