Polish solar developer R Power Group has secured a financing agreement worth €189m for the construction of photovoltaic projects totalling 299MW in Poland.
A consortium of banks composed of ING Bank Slaski, Santander Bank Polska, Erste Group Bank, PKO Bank Polski and Bank Pekao has signed the agreement.
R Power won the 299MW of solar capacity in renewable energy auctions in 2021.
R Power commissioned a portfolio of solar farms with a capacity of over 175MW in 2020.
The company has secured the rights to sell energy from project portfolios with a total capacity of over 400MW in auctions conducted over the last several months.
In total, in Poland the company is developing a project portfolio of over 6GW, which makes it the largest photovoltaic sector player in the country.
The commercialisation of the financed projects has been partly secured through a PPA and through 15-year CfD contracts that ensure a guaranteed level of electricity sales prices.
Nomad Electric will be responsible for the solar farms’ productivity, operations and maintenance.