JSC has signed an agreement worth €22m with Bank Pekao to finance the construction of 68MW of solar capacity in Poland.
About 40MW capacity will be installed this year, with the rest becoming operational in 2024.
JSC (Atsinaujinančios Energetikos Investicijos) is a closed-end investment company for informed investors managed by Lords LB Asset Management.
“Despite the volatility in energy markets, in 2022, Poland was one of Europe’s frontiers in new solar PV capacity installations.
“The goal for 2023 is even more ambitious, and we are delighted to participate in this process,” said Kristina Kepsnytė-Bugaitienė, Head of Business Development at JSC.
Bank Pekao will provide a complete package of services by acting as the Loan Agent, Security Agent, Project Account Bank, and participating in hedging transactions.
JSC has been working with Bank Pekao since 2022, when the bank provided long-term financing for a 65.57MW solar park in Poland.
JSC operates 68.1MW of solar power plants in Poland and Lithuania.
It also co-owns a 185.5MW wind power plant portfolio in Lithuania and will continue to actively develop and invest in solar and wind energy projects in the Baltic and Polish markets.