R.Power secures USD 23m in financing to build Polish solar parks

Solar power system. Author: Mountain/ \Ash. License: Creative Commons, Attribution 2.0 Generic.

September 4 (Renewables Now) - Polish solar projects developer R.Power Group said today it has finalised a portfolio financing agreement amounting to nearly PLN 90 million (USD 22.9m/EUR 20.8m) and representing the largest such deal in Poland.

Specifically, R.Power has received a loan of the above-mentioned size from mBank for the construction of 34 solar power plants totalling 33 MWp. Building works on those projects have already been initiated and should be concluded in the first quarter of 2020.

Once up and running, the new solar parks will be able to produce some 35,000 MWh of electricity per year, or enough to supply some 15,000 homes.

“Our contract with mBank is a sign that the Polish market is maturing and proves that financial institutions are ready to support the development of photovoltaics implemented by Polish investors, especially when it comes to larger portfolios of photovoltaic power plants,” said Tomasz Sek, Vice-President of the R.Power Group.

To confirm this, Michal Popiołek, managing director of global and investment banking at mBank, commented that the lender had recently doubled the credit limit for companies from the renewable energy sector to PLN 1 billion.

At present, R.Power has around 800 MW of solar assets in its portfolio.

(PLN 1.0 = USD 0.254/EUR 0.231)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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