SUNfarming closes project financing for 26-MWp Polish PV portfolio

Image by: SUNfarming GmbH (

January 6 (Renewables Now) - German solar engineering group SUNfarming GmbH said on Tuesday it has achieved financial close on the project financing for 26 MWp of solar photovoltaic (PV) projects in Poland.

The company has received a framework term loan and VAT facility of PLN 116 million (USD 31.5m/EUR 25.6m) from Polish lender ING Bank Slaski SA. Financial close on the first tranche totalling PLN 45 million was reached at end-December. 

The 15-year non-recourse debt will be used to refinance the 26 projects forming the portfolio, all of which will receive tariffs under Poland's Contract for Difference (CfD) scheme. The refinancing of equity and short-term bridge debt will also be covered by the new funds.

The specific schemes are held by 16 special purpose vehicles and are part of SUNfarming's independent power producer (IPP) portfolio of around 50 MWp, the German firm said.

ING received legal advice by Allen & Overy, while UL was its technical advisor. SUNfarming’s financial advisor was German consulting firm Capcora Capcora.

(PLN 1.0 = USD 0.272/EUR 0.221)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription