Nord/LB to invest US$76.8 million in 100 MW Polish solar farm

Renewables developer OX2 has secured a EUR 73 million (US$76.8 million) financing package from bank Nord/LB for a 100 MW solar farm currently under development located in the Niemodlin municipality in southwestern Poland.

The Rutki solar project, located in the Niemodlin municipality in southwestern Poland, marks OX2's debut in the country. This area benefits from high solar irradiation levels. The project is under construction and slated for completion in 2025, featuring 145,000 ground-mounted solar panels capable of powering approximately 30,000 households. A 15-year contract for difference (CfD) has been secured with Poland’s Energy Regulatory Office. The following parties also advised on the deal:

• Clifford Chance is the lender’s legal adviser.
• A&O Shearman as the borrower’s legal adviser.
• Marsh as the insurance adviser.
• EY as the financial adviser.
• Solaris Ventum as the lender’s technical adviser.