Poland's R.Power issues 1st green bonds under PLN-1bn programme

Solar park. Image by: R.Power.

June 10 (Renewables Now) - Polish solar projects developer R.Power has issued PLN 150 million (USD 40.8m/EUR 33.5m) worth of green bonds as part of a newly announced programme for up to PLN 1 billion in total issuances.

The first series of secured bearer bonds were offered with a maturity of five years to qualified investors. They will be introduced into the alternative trading system run by the Warsaw Stock Exchange.

The intermediary for the bond offering was mBank.

The proceeds from the bond issuance will be used to finance and refinance the development, acquisition, construction and operation of solar photovoltaic (PV) projects in Poland and other EU countries such as Italy, Portugal and Spain.

“The funds raised will allow us to build our own portfolio of generation assets from both our own development as well as M&A transactions. We are interested in acquiring the rights to projects that have a ‘ready to build’ status,” said Przemek Pieta, CEO and co-founder of R.Power.

The company’s current project portfolio in Poland exceeds 4 GWp. Over the past several months, it has secured project financing of PLN 530 million in total, the firm said.

(PLN 1.0 = USD 0.272/EUR 0.223)

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