Q-Energy obtains financing for Polish solar farm with Amazon PPA

Spanish renewables investment platform Q-Energy last week said it has closed financing for a 113-MWp (87-MW AC) solar farm in Poland that will generate electricity for US tech group Amazon (NASDAQ:AMZN).

Q-Energy has obtained nearly EUR 100 million (USD 97m) of financing to fund the construction of the solar power plant, with PKO Bank Polski acting as the sole mandated lead arranger. The deal includes a senior term loan.

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The project is located in Legnica and is currently under development. P&Q is the general contractor for the facility, which is expected to produce more than 120 GWh of electricity per year, equivalent to the annual demand of some 57,000 Polish households.

The solar farm's output will be sold to Amazon under a long-term corporate power purchase agreement (CPPA).

“This is one of the largest CPPAs to date in Poland and represents a major landmark for the utility-scale solar industry of the country,” said Krzysztof Zieniewicz, country head of Q-Energy Poland.

Amazon recently announced the addition of 2.7 GW to its global renewable energy portfolio, including its first solar farm in Poland.

Q-Energy says it has 3 GWp of photovoltaic (PV) capacity under development across several projects in Poland that are expected to be deployed between late 2024 and 2026.

(EUR 1 = USD 0.970)