R Power has secured its first project finance package in Germany for the 20MW Klotze photovoltaic plant in Saxony-Anhalt.
The company said the financing was arranged by DAL Deutsche Anlagen-Leasing with Deutsche Leasing Finance as partner.
It added that the project marks its first large-scale solar investment in Germany and will benefit from a 20-year support scheme awarded under the EEG auction system.
The Klotze scheme forms part of a growing German portfolio that includes more than 115MW awarded under the Innovation Auction organised by Bundesnetzagentur, comprising solar, solar-plus-storage and hybrid projects.
“We are consistently building R.Power’s position as a pan-European renewable energy developer and producer. In recent years, we have secured more than EUR 250 million in growth capital from international financial institutions, enabling us to scale our project portfolio. Germany is a natural, yet highly demanding, direction for this expansion. Securing financing for the Klotze project is an important step in strengthening our presence on this market and in executing our strategy based on multi-technology projects,” said Przemek Pięta, CEO and co-founder of R.Power.
R.Power said its strategy focuses on continued expansion across Europe with an emphasis on hybrid projects combining solar and energy storage.