Financing secured for 40 MWp solar PV projects in Poland

The SUNfarming Group has secured a financing framework of EUR20 million (US$23 million) for the construction of 40 MWp photovoltaic projects in Poland.

The first projects to be financed through the acquired line are four photovoltaic plants, each with 1 MWp and a total capacity of 4 MWp, in Ostrołęka. All plants were put into operation in December 2018 and were awarded a contract in the first Polish test tender at the end of 2016.

Another part of the financing is planned for new projects with a total capacity of 5 MWp, which are already in the portfolio of SUNfarming. Three SUNfarming solar parks, each with 1 MWp, are to be built near Łask in Łódź Province, two more solar parks in the province of Lower Silesia near Ząbkowice Śląskie. These projects have won in the tender of June 2017, completion is until June 30, 2019. By winning the tender, all PV parks benefit from a 15-year contract for differences with the Polish Energy Agency URE, which guarantees a fixed feed-in tariff for each kWh produced by paying the difference to the market price.

The financing facility, which was taken up by the SUNfarming Group, is used to finance the construction phase of the existing and planned photovoltaic projects of SUNfarming in Poland. SUNfarming was supported by a financial advisor from Frankfurt am Main, who was tasked with structuring the transaction and debt sourcing.