Poland's Onde locks debt for 32-MW solar project at home

Polish renewables-focused general contractor Onde SA (WSE:OND) has secured PLN 87 million (USD 21.6m/EUR 20.1m) in debt financing to bankroll the construction of a 32-MW solar park in its home country.

Through its subsidiary Park Lewald sp zoo, the company obtained the project financing from domestic lender mBank, according to a statement released last weekend.

The loan agreement will cover the costs related to the installation of a photovoltaic (PV) farm in the Warmian-Masurian Voivodeship of northeastern Poland. Called Park Lewald, the site is expected to be energised by the end of April 2025.

Onde, the renewable business of Polish builder Erbud SA, said that the external financing will enable it to complete the implementation of the project and transfer its ownership to a final investor. The company is meanwhile working to develop a wind project in proximity to the PV scheme to use the good hybridisation potential of the area.

Since the start of this year, Onde has sold 60 MW of solar projects and secured contracts to complete their development and construction. The company expects the capacity in its own renewables portfolio to range between 1.6 GW and 1.8 GW in the next two-three years.

(PLN 1.0 = USD 0.249/EUR 0.232)

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