GoldenPeaks closes loans for 64.5-MWp solar portfolio in Hungary

Central and Eastern Europe-focused green energy firm GoldenPeaks Capital (GPC) has closed senior and junior financing for a 64.5-MWp solar portfolio in Hungary, securing funds for its first projects in the country.

Austria’s Erste Group and its unit Erste Bank Hungary acted as the senior lenders, providing the same amount at the project level, GPC said on Thursday without disclosing the figures.

A fund managed by French asset manager Schelcher Prince Gestion (SPG) extended the junior financing at the holding company level. The junior loan starts with a higher amount with the option for downsizing.

Capcora served as the financial advisor to GPC, helping the firm secure the mezzanine financing.

The projects were treated as merchant in the transaction, but the financing structure will be adjusted once GPC signs power purchase agreements (PPAs) for the them.

The portfolio consists of two solar projects located in the northeast Hungary. They are currently under construction, GPC said.

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