R.Power Group secures US$215m in project financing from banking consortium

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R.Power said its has a 6GW portfolio of projects in development in Poland. Image: R.Power

A banking consortium has signed a PLN864 million (€189 million/US$215 million) agreement to finance Polish developer R.Power Group’s 299MW portfolio of solar PV projects in Poland.

Comprised of ING Bank Śląski SA, Santander Bank Polska SA, Erste Group Bank AG, PKO Bank Polski and Bank Pekao SA, the consortium will provide finance to build the 299MW portfolio, which won last year’s renewable energy sources (RES) auction according to R.Power.

The commercialisation of the financed projects has been partly secured through a power purchase agreement (PPA) and via 15-year contract for difference (CFD) agreements that “ensure a guaranteed level of electricity sales prices for R.Power”.

The Warsaw-based company said its commissioned portfolios were growing in size each year. Last year it commissioned 175MW of solar PV projects, with it aiming to contract more than 350MW in the coming months, it 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 was developing a 6GW portfolio in Poland, making it “the largest photovoltaic sector player in the country

“This is already the fourth loan agreement we have concluded in the last 20 months,” said Przemek Pięta, president of the management board of R.Power Group. “Under bank financing for the construction of photovoltaic projects, we have so far procured a record amount of PLN1,636 million (US$407 million).”

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

At the end of last year, R.Power Group expanded its presence in its home country via the acquisition of Poland-based PV equipment wholesaler Menlo Electric.

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