The Erkner-based Sunfarming Group, a leading German IPP, has raised PLN 118 million (approx. EUR 27.7 million) in project financing to refinance its Nova solar portfolio.
The plant portfolio comprises a total of 43 individual solar projects with an average output of 1 MWp and a total capacity of 40 MWp in various regions of Poland. The remuneration for the solar power generated is secured by a 15-year Contract for Difference (CfD). The financing package was provided by PKO Bank Polski. The German consulting firm Capcora acted as the exclusive financial advisor for the financing. Construction of the portfolio’s facilities is scheduled to be completed by the end of 2024.
“We’re delighted to have achieved financial close on a long-term project financing arrangement for a substantial portion of our Polish portfolio. This milestone is integral to our continued growth strategy in the market,” said Martin Tauschke, Managing Director and co-shareholder of Sunfarming Group.
“PKO Bank Polski is the leader in financing the green transformation in Poland. We are proud to support Sunfarming in the implementation of renewable energy projects. Thanks to such investments, the share of renewable energy in the national energy mix will increase, which is beneficial for both the environment and the economy,” adds Marcin Majewski, Head of Corporate Clients and Corporate Relations at PKO Bank Polski.
“We are delighted to continue backing our trusted client, Sunfarming, as they secure an attractive debt package and onboard another strategic partner to fuel their growth,” said Bartek Hofman, Director at Capcora and Head of the Polish Branch.
PKO Bank Polski was advised by Norton Rose Fulbright as legal advisor and UL as technical advisor. Sunfarming was advised by Rödl & Partner and Bird & Bird as legal advisors and Capcora as financial advisor.
