Solar investor Claritas Poland Energy has secured around €13m of bridge financing to build 24MWp of PV projects due to be operational in early 2020.
The €12.5m interim financing facility will help fund 25 solar projects in Poland.
The portfolio consists of 25 open-space PV systems with an output of up to 1MW each.
Construction of the projects has already started and should be completed by the end of March 2020.
The portfolio benefits from a 15-year contract for difference from Poland’s solar auction in November 2018.
The deadline for completing projects from the auction in November 2018 was extended to November 2020 at the beginning of this year.
“We are pleased to capitalize on our next PV portfolio in Poland. Bridge financing is an essential element of our business strategy and enables us to finance the construction and at the same time optimize the exit channels,” said Claritas Investments managing director Bekir Sami Acar.
Consulting firm Capcora acted as financial advisor for the structuring of the transaction and debt sourcing.
“It is a great achievement to be able to complete this kind of financing in just four months,” said Acar.