R.Power Group Obtains $215M Project Financing from Consortium Banking

R.Power said it has a pipeline of 6 GW of projects under development in Poland. Image: R. Power

A banking consortium has signed an PLN 864 million (€189 million/USD 215 million) deal to finance Polish developer R.Power Group’s 299 MW portfolio of solar PV projects in Poland.

Composed of ING Bank Śląski SA, Santander Bank Polska SA, Erste Group Bank AG, PKO Bank Polski and Bank Pekao SA, the consortium will finance the construction of the 299 MW portfolio, which won the renewable energy sources auction ( SER) of last year according to R .Pouvoir.

The marketing of the financed projects was partly secured by a power purchase agreement (PPA) and by 15-year contracts for difference (CFD) which “ensure a guaranteed level of electricity selling prices for R .Power”.

The Warsaw-based company said its commissioned wallets are growing in size every year. Last year, it ordered 175 MW of solar PV projects, with the aim of contracting more than 350 MW in the coming months, he said.

In RES auctions over the past year, R.Power has secured the rights to sell power from 400MW of solar projects and in total the company said it is developing a portfolio of 6 GW in Poland, making it “the biggest player in the photovoltaic sector in the world”. country

“This is already the fourth loan agreement we have concluded in the past 20 months,” said Przemek Pięta, Chairman of the Board of R.Power Group. “As part of bank financing for the construction of photovoltaic projects, we have so far purchased a record amount of PLN 1,636 million ($407 million).”

“In June last year, we also established the highest bond program in the history of the Polish PV sector, worth PLN 1 billion,” Pięta added.

Late last year, R.Power Group expanded its presence in its home country with the acquisition of Polish PV equipment wholesaler Menlo Electric.


Comments are closed.