Financing secured for 286-MWp solar project in Poland

German EPC company Goldbeck Solar GmbH and its partner Respect Energy S.A. have secured a PLN-635-million (USD 140.65m/EUR 135.44m) loan for a 286-MWp solar project in Poland with the first phase of the park expected to go online in June.

The financing for the Zwartowo project is provided by the European Bank for Reconstruction and Development (EBRD) and Polish lenders PKO BP SA (WSE:PKO) and Pekao SA (WSE:PEO).

“The project was very well received by the lending community, and a competitive tender process allowed it to achieve market-leading financing terms, including a tenor of 18 years,” said Goldbeck Solar's head of Project Finance Olga Kovalchuk.

Located about 65 km (40.39 mi) northwest of the city of Gdansk, Zwartowo will be Poland's largest solar park capable of supplying around 153,000 households with clean power. The construction of the facility began in early 2021 and the first phase is now entering completion, Goldbeck Solar said last week.

“Despite all adversities, construction is proceeding on schedule. Given the ongoing disruption of supply chains, the covid pandemic and war in Ukraine, this is a significant achievement,” said Goldbeck Solar's president Joachim Goldbeck.

The total cost of the project is estimated at nearly EUR 200 million (USD 207.7m).

(PLN 1 = USD 0.222/EUR 0.213)

(EUR 1 = USD 1.039)

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