Polish developer R Power has secured construction finance for a 91MW portfolio of seven solar farms in Poland.
A PLN242m (€53m) agreement has been signed with BNP Paribas Bank Polska and Santander Bank Polska.
The projects were won in auctions last year, R Power said.
R Power co-founder Tomasz Sek said: “In the last two years, as part of bank financing, we obtained in total PLN 770m for the construction of projects in Poland.
“This year, in June, we established a record-breaking programme of bonds for PLN 1bn.
“We believe that photovoltaics is a sector which has excellent perspectives in our country.”
R Power said 15-year Contracts for Differences will be concluded under the financed projects which will ensure the guaranteed level of electricity selling prices.
Each bank owns 50% shares in the transaction.
Santander Bank Polska corporate and investment banking division head Juan de Porras said: “This is our second project financing signed with R Power within one year.
“It demonstrates the importance of a green agenda for our organisations. Santander implements consistently a strategy aimed at supporting the green transformation of the Polish power sector.”
BNP Paribas structured financing department director Lukasz Pobudejski said: “We are really satisfied with the development of our relationship with R Power.
“The history of our collaboration dates back to the year 2014, when our bank financed some of the first solar projects implemented by R Power.”