Eastern European renewables investor GoldenPeaks Capital has completed the financing of a portfolio of solar projects with a total capacity of 65MW in Hungary.
The portfolio comprises two solar projects located in north-east Hungary.
Both projects are under construction and will enter into long-term power purchase agreements (PPAs).
Erste Group and Erste Bank Hungary provided the senior financing, while the junior piece was backed by a fund managed by the French asset manager Schelcher Prince Gestion.
Capcora acted as the exclusive financial advisor to GoldenPeaks on securing the mezzanine financing.
Having established itself as an owner of solar systems in Poland, GoldenPeaks Capital has further expanded into Hungary and secured financing in the market through a unique transaction.
Daniel Tain, President of GoldenPeaks, said: “We’re delighted to have secured both senior and junior facilities for our projects in Hungary marking another milestone in our history.
“Concurrently, we’re welcoming two new strategic lenders to our network, crucial for our mission to be a leading independent power producer in the Central Eastern European market. “
Marcus Hinrich Fischer, Executive Director for Corporate Finance Solutions at Erste Group, added: “Partnering with GoldenPeaksCapital, we have worked out a financial structure which gives more time and flexibility than usual to source and negotiate power purchase agreements with off-takers as one of the major commercial pillars of the project.
“Integrating junior debt from SPG into the financing provides for further optimisation of the funding.”