SIG-led group agrees USD-6.8m loan for Polish solar portfolio
Solar modules. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.
Polish lender ING Bank Slaski has signed a deal to provide a PLN-25-million (USD 6.8m/EUR 5.8m) loan to a group of companies so it could refinance the construction costs for some solar power plants in Poland.
More specifically, the loan will be provided to strategic investor E-Energija Group of Lithuania, project developer Sun Investment Group (SIG) and Spanish engineering, procurement and construction (EPC) contractor I+D Energias. The announcement did not give details about the projects that will benefit from the loan.
“As far as I know, it’s the first non-recourse project financing for a utility-scale PV project in Poland under the current support scheme,” commented Sun Investment Group’s CEO, Deividas Varabauskas. “We anticipate that this deal will speed up the beginning of bank lending to solar projects in Poland, which would be a long-awaited development in this new and booming sector,” he added.
SIG said in June that the trio had acquired a portfolio of Polish solar projects with a combined capacity of 42 MWp, and that it plans to build 250 MWp of solar parks in Poland by the end of 2020.