The European Bank for Reconstruction and Development (EBRD) and French asset manager Eiffel Investment Group have extended a joint loan of €45 million (US$48.83 million) to Polish solar company PL-SUN for the construction of a 114.7MW solar portfolio in Poland.
The construction bridge financing loan, made up of equal contributions of €22.5 million from Eiffel Investment Group and EBRD, will finance the construction of 16 solar PV plants with a total installed capacity of 114.7MW across Poland. The solar PV plants’ annual solar generation capacity will reach 122.5GWh.
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The portfolio will also be the first project co-financed under a new partnership between Eiffel Investment Group and the EBRD, aiming to accelerate the green transition across the EBRD’s markets. Both institutions signed a memorandum of understanding (MoU) in December 2023, outlining cooperation in exploring co-investment bridge financing to accelerate renewables deployment across central and eastern Europe.
PL-SUN is owned by Lithuanian investment company Atsinaujinančios Energetikos Investicijos (AEI), which currently operates a portfolio of about 250MW in Poland and Lithuania.
Prior to this portfolio, EBRD also guaranteed a €25 million loan for a 112.5MW Bulgarian PV project in February. The company said this was the first transaction for a greenfield renewable energy project to be backed by a risk-sharing framework.
EBRD also invested €100 million in SolarWind III in January, a fund raised by Finnish fund manager Taaleri Energia that aims to build 1.9GW of renewable capacity across Europe and the US.