Polish independent power producer (IPP) R.Power has signed a PLN231 million (US$58.5 million) deal with the Polish Development Bank to develop a 72MWp solar PV portfolio.
The deal – a loan agreement – covers projects in “various regions” of Poland which will be operational by the end of 2024. R.Power said that the portfolio is contracted under long-term power purchase agreements (PPA) with undisclosed third parties.
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Once operational, operations and maintenance (O&M) for the sites will be handled by Nomad Electric Services.
“Partnership with a leading financial institution such as the Polish Development Bank will enable us to further rapidly develop our photovoltaic projects in Poland,” said Tomasz Sęk, co-founder and board member at R.Power.
Earlier this year, the company announced plans to build a 134MW PV portfolio in Poland, consisting of 19 projects that are due to be completed in 2025. Over the year prior to this, R.Power secured a number of finance deals to expand its presence in Poland and across Europe.
In October 2023, the firm secured roughly US$80 million from the European Bank for Reconstruction and Development (EBRD) to support, in part, its 1GW solar PV development portfolio across the continent. The previous February it raised around US$160 million from Three Seas Initiative Investment Fund (3SIIF) in a transaction which saw 3SIIF take a minority stake in R.Power.
