R.Power secures loan for construction of 72 MWp of Polish solar

Polish solar developer R.Power SA Group has secured bank financing to invest in the construction of a 72-MWp portfolio of upcoming solar photovoltaic projects in Poland.

The group said on Monday it has signed a loan agreement with the Polish Development Bank to obtain PLN 231 million (USD 58.5m/EUR 54m).

This is the third project finance loan agreement that R.Power signed this year. The previous two, one with BNP Paribas SA (EPA:BNP) and the other with Polish lender PKO Bank Polski SA, also supported R.Power’s solar build-out in Poland.

The new crop of projects will be located in various regions of the country. Commissioning of the solar farms will take place during 2024. After that, Nomad Electric Services, part of the R.Power group, will service the plants.

The 72-MWp portfolio will earn revenues thanks to long-term power purchase agreements (PPAs), R.Power said.

(PLN 1.0 = USD 0.253/EUR 0.234)

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