Poland's R.Power inks EUR-30m loan with Eiffel Investment Group

Polish solar project developer and power producer R.Power SA has entered into an agreement with France’s Eiffel Investment Group to secure a loan of up to EUR 30 million (USD 29.6m) to finance growth in foreign markets, the parties said in a joint statement on Tuesday.

The loan is timed to a period of up to 18 months, and there is an option to increase the sum to EUR 40 million. The loan amount was granted from bridge financing funds managed by the French investor, the press release reads.

R.Power will use the proceeds to bankroll the construction of solar PV farms in the EU, namely in Portugal, Italy and Poland.

“In a few years we would like to be at the top of independent energy producers in Europe. The financing agreement with Eiffel Investment Group is another big step in our international development,” commented Przemek Pieta, CEO of R.Power Group. “Importantly, this is the first financing of the R. Power Group in euros and, thanks to the natural hedging, allows us to reduce the exchange rate risk.”

(EUR 1.0 = USD 0.987)

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