SUNfarming gets financing to buy and build 20-MWp Polish solar portfolio

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

October 6 (Renewables Now) - German solar engineering company SUNfarming GmbH has secured financing for the acquisition and construction of a 20-MWp solar portfolio in Poland.

The company has received a new bridge financing facility of EUR 9.5 million (USD 11m) to acquire and build the portfolio which comprises 23 ground-mounted photovoltaic (PV) systems with individual sizes of up to 1 MW, said consulting firm Capcora, which acted as financial advisor tasked with structuring of the transaction and debt sourcing.

The projects are shovel-ready and will be built in stages. Construction of the first arrays will start in the short term, with completion due in the first quarter of 2022. All projects have been awarded 15-year contracts for difference in a December 2020 auction.

Additional similar portfolios are now in final purchase negotiations, according to the announcement.

“With this acquisition, we expand our existing portfolio to 84 MWp and come a good step closer to our goal of 200 MW by 2023," said Anna Pilarczyk-Naprawski, managing director Poland of SUNfarming Group.

Martin Tauschke, managing director and co-partner of SUNfarming Group, described the acquisition as another intermediate step towards the implementation of larger power purchase agreement (PPA) projects in Poland.

(EUR 1 = USD 1.160)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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