Polish PV developer R.Power has issued green bonds worth PLN530 million (€122 million, US$130.6 million) to support the development of new solar and storage projects in Poland.
This is the largest transaction of this kind in the company’s history, and money raised will be split between refinancing existing bonds, worth around PLN450 million (€103.1 million, US$110.4 million), and developing new projects.
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The issuance has already drawn interest in the energy sector, with the European Bank for Reconstruction and Development (EBRD) investing up to PLN127.8 million (€30 million, US$30.1 million) into the project. The bank noted that, as part of the deal, R.Power will commit an equivalent to the bank’s investment into battery energy storage systems (BESS) in projects in which the EBRD operates.
“Despite market challenges and a record number of competing issuances, we successfully conducted our largest bond issuance to date,” said Tomasz Sęk, member of the management board and co-founder of R.Power. “This result not only confirms investors’ confidence in our strategy and financial stability but also strengthens our position as a leader in the renewable energy sector.”
While the company did not specify which projects would benefit from the financing, it noted that the bonds have a term of five years. R.Power currently has a portfolio of 839MW of solar generation capacity in operation or under construction, with a further 29GW of capacity under development, across six European countries.
European investors are showing increased demand for green bonds, with panelists at Solar Media’s Solar Finance & Investment Europe event earlier this year noting that such financial arrangements “fit what’s happening in the market”, as environmental, social and governance (ESG) compliance becomes more of a priority for companies. In September, the European Commission noted that, at the end of 2022, the value of green bonds issued by EU governments alone had reached €266 billion (US$284.9 billion), up from €85 billion (US$91 billion) at the end of 2019.
PV Tech publisher Solar Media will be organising the fourth edition of Large Scale Solar Central and Eastern Europe in Warsaw, Poland 26-27 November 2024. The event will focus on Eastern Europe with a packed programme of panels from industry leaders responsible for the build out of solar and storage projects in Poland, Bulgaria, Romania, Hungary and the Baltics. For more information visit the event website.
