French-headquartered independent power producer (IPP) Qair has secured a PLN335.3 million (US$83.1 million) loan for 130MW of solar PV projects in Poland.
The loan – which came from a consortium of Santander Bank Polska and PKO Bank Polski – will finance three solar parks in the towns of Golczewo, Rokietnica and Pakość. They are expected to begin operations in 2024.
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Qair said that ‘identified offtakers’ will buy the power from the sites under corporate power purchase agreements (cPPA) and that the funding may expand if the volume of power under PPAs increases.
“We are pleased to continue our cooperation with Santander Bank and PKO Bank Polski, which will enable us to develop our portfolio of projects made for long-term cPPAs. We are extremely appreciative that representatives of both banks follow the changes in the renewable energy trading market with us and support our development,” said Krzysztof Wojtysiak, CEO of Qair Polska.
Poland is one of the most quickly expanding European PV markets. Earlier this week native developer Pad Res announced plans for 117MW of Polish PV and PV Tech Premium published a two-part deep dive into the country’s rise earlier this year.