R.Power lands debt for 121-MWp of Polish solar projects

Solar field
Vallée du Rhône, France
By Jeanne Menjoulet on 2018-01-27 15:52:21
tags R.Power lands debt for 121-MWp of Polish solar projects

June 10 (Renewables Now) – Polish solar projects developer R.Power Group will obtain PLN 350 million (USD 89.3m/EUR 78.7m) in debt financing for a portfolio of 121 MWp of auction-winning projects in Poland.

The lending consortium of Santander Bank Polska and mBank announced the financing agreement on Monday without providing specific terms of the deal touted as the largest funding transaction in the domestic solar sector. Each of the two banks contributed 50% of the overall amount.

R.Power will allocate the debt proceeds to install 128 solar photovoltaic (PV) plants at its home country. All of these projects were awarded in Poland’s auction for renewable energy capacity held last year and are entitled to 15-year contracts for difference. The capacity is planned to go live within the next 18 months.

“In terms of prices, solar energy has become competitive to the conventional sources of energy. In the coming years, photovoltaics and wind energy will be one of the driving forces of not only the energy sector in Poland but also the entire post-covid economy,” said Przemysław Pieta, R.Power’s founder and CEO.

(PLN 1.0 = USD 0.255/EUR 0.225)