GoldenPeaks secures debt for 117 MW of Google-backed Polish solar

Central and Eastern Europe-focused green energy firm GoldenPeaks Capital has obtained EUR 109 million (USD 118.2m) in financing and clinched an off-take deal with Google LLC to support the ongoing construction of 177 MW of solar plants across Poland.

The financing was extended in separate transactions by German bank NORD/LB, the lender said on Wednesday.

Subscribe for Renewables Now's Corporate PPA Newsletter here for free!

The debt proceeds are earmarked for two portfolios consisting of over 100 photovoltaic (PV) projects, which are currently in various stages of construction and are due to go online by the last quarter of this year. Specifically, EUR 66 million will support the KAMI 2 portfolio and the remaining EUR 43 million will go for the KAMI 3 bundle.

Once in operation, the solar plants will have a combined output that will be enough to cover the consumption of over 12,000 homes annually. The generated electricity will be sold under a newly-signed power purchase agreement (PPA) with Google LLC, which will be in force for 10 years and will help the technology giant reach its ambitious carbon reduction targets.

(EUR 1.0 = USD 1.085)