Poland’s ING Bank Slaski is providing finance for a portfolio of solar projects under development in the country by Sun Investment Group, E Energija and I+D Energias.
The PLN25m (€5.8m) loan will refinance construction costs of the unnamed solar farms.
Sun Investment Group chief executive Deividas Varabauskas said: “We are very pleased to sign this type of financial agreement. It shows the strength that renewable energy is gaining across Europe, and that solar energy represents a very safe opportunity for investors due to its low-risk and stable return nature.
“We hope to set the standard for this type of funding in Poland. As far as I know, it’s the first non-recourse project financing for a utility-scale PV project in Poland under the current support scheme.
“We anticipate that this deal will speed up the beginning of bank lending to solar projects in Poland, which would be a long-awaited development in this new and booming sector. This will benefit the whole solar sector and us, as a leading solar company in Poland.”
E Energija chief executive Gediminas Uloza said: “This agreement shows that banks see us as a trustworthy partner for renewable projects and are ready to finance solar energy projects in Poland. This will contribute to Poland fulfilling its 2020 renewable energy targets as a European Union member state.”