Polish PV developer R.Power has launched a green bond issuance worth up to €225 million (US$274.3 million), the proceeds of which will be used to increase its solar power capacity in Europe.
R.Power issued its first series of green bonds with a total nominal value of €34 million today (9 June), which the company said would be used to finance the development and construction of solar power projects in Poland and wider Europe in markets such as Italy, Spain and Portugal. mBank acted as the intermediary for the bond offering.
R.Power’s co-founder and chief executive Przemek Pięta said in a statement that the funds will be used to build the company’s asset portfolio both through development of its own projects and through M&A transactions, particularly focusing on projects that are at ‘ready-to-build’ status.
“As one of the most experienced solar farm developers in Poland, we believe that we have the experience and resources needed to deliver projects across Europe,” said Pięta. The company claims to have secured €120 million for project financing over the past few month.
Earlier this year the company secured a project portfolio in Italy totalling 160MWp with construction on the first projects set to start early next year. The company hopes to develop more than 200MWp of solar plants in the country over the next three years.