SUNfarming closes project financing for 26-MWp Polish PV portfolio

Image by: SUNfarming GmbH (www.sunfarming.de).

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)

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