R.Power agrees EUR 190m loan to add 299 MWp of solar in Poland

Polish solar developer and power producer R.Power Group has agreed to receive a loan of PLN 864 million (USD 215.2m/EUR 190.1m) from a consortium of banks to finance solar projects of 299 MWp in the home market.

The bank consortium comprises ING Bank Slaski SA (WSE:ING), Santander Bank Polska SA (WSE:SPL), Erste Group Bank AG (VIE:EBS), PKO Bank Polski (WSE:PKO) and Bank Pekao SA (WSE:PEO), R.Power said on Thursday.

The solar plants that will be built with the financing are part of a 400 MW of projects which R.Power secured in renewable energy auctions held in November 2020 and June 2021. The sale of the electricity from the financed projects has been secured through a power purchase agreement (PPA) and 15-year Contracts for Difference (CfDs).

The latest loan boosts the amount of bank financing that R.Power has raised over the last nearly two years to support solar projects to about PLN 1.64 billion. The financial power of the company is backed also by a PLN-1-billion bond programme that was launched last June.

The Warsaw-based group commissioned solar plants of more than 175 MWp last year and has a development portfolio of about 6 GWp in Poland.

(PLN 1 = USD 0.249/EUR 0.220)

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