Sky Solar, an international PV project developer based in China, has announced it has secured the financing for its three solar parks in the Czech Republic.
Following a project evaluation and review process, PPF Bank, an international financial and investment group in Eastern Europe, has approved a €14.6 million (US$19.8 million) loan which amounts to 75% of the total project cost. The loan has a term of 15 years and an average financing cost of less than 5% per year.
The Czech solar projects were completed and have been in operation for a number of years. The projects are part of Sky Solar’s independent power producer (IPP) business model which, according to the company, is “highly valued by international financial institutions for the long-term stable income and cash flows of PV power stations”. Under this model, Sky Solar owns all or part of an operational power plant.
PPF Group is one of the largest investment and financial groups in Eastern Europe with total assets under management of €17.6 billion as of 30 June 2012. In addition to Eastern Europe, it provides a number of services to the energy market in Russia as well as several Asian countries.