R.Power bags new debt for almost 30 MWp of Polish solar

Polish solar projects developer R.Power Group has clinched a loan financing agreement to get PLN 102 million (USD 26.4m/EUR 22.3m) in debt to back a 29.4-MWp portfolio at home.

The debt funding will be provided by mBank and will support the construction of 32 photovoltaic (PV) parks across Poland, R.Power said on Tuesday. It secured the projects in domestic auctions for renewable energy capacity.

The Polish firm plans to initiate construction later this year and aim to bring the solar farms online in the third quarter of 2021.

Once built, the solar plants will be capable of producing enough electricity to cover the consumption of more than 10,000 homes and mitigate around 30,000 tonnes of carbon dioxide (CO2) emissions, the developer estimates. The facilities will be equipped with bifacial PV panels.

This is the first debt funding agreement between R.Power and mBank. Including the latest round, the lender has extended PLN 355 million to the Polish developer, which says it is working on more than 2 GWp of solar projects in Poland.

(PLN 1.0 = USD 0.259/EUR 0.219)

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