November 22 (Renewables Now) - German solar engineering group SUNfarming GmbH on Friday said it had secured EUR 17 million (USD 19m) in financing to fund its expansion in Poland.
The company will use EUR 12 million in bridge financing to fund the construction of 17 MWp of new photovoltaic plants in Poland, which were awarded with a contract for difference (CfD) in last year's auction and are to be constructed and connected to the grid by April 2020.
SUNfarming has also secured an increase in a financing scheme to EUR 25 million from EUR 20 million and will use the funds, available for about three years, for new projects in Poland.
Thanks to the latest financing, the company expects to expand its Polish portfolio to at least 150 MWp over the next two years, managing director Martin Tauschke said.
This comes as the Polish government's deadline for completion of projects from last year's auction has been extended to November 2020, making it possible for many projects to be realised. In addition, it will hold another auction for 750 MW of solar capacity next month.
(EUR 1.0 = USD 1.11)