Renewable energy company Green Genius has secured finance from the Berenberg Green Energy Junior Debt Fund to build a 69MWp solar park portfolio in Poland.
The Berenberg Green Energy Junior Debt Fund will provide financing of €22m euros, which, along with other financial resources, will be used to build and operate the projects. Total investment in the project will reach up to €59m.
The project portfolio will consist of individual 1MWp, 5MWp or 8MWp PV plants spread across Poland.
The project portfolio will be built with around 106,200 photovoltaic modules, which will produce enough energy to meet the electricity demand of around 24,200 homes. In addition, 49,490 tonnes of CO2 will be saved from emission into the atmosphere.
It will operate on a mix of 10-year PPAs, four-year PPAs and the state-backed 15-year contract-for-difference (CfD) support mechanism ensuring stable electricity pricing for the projects.
The portfolio is about to start construction and is expected to be completed in 2023.
“Besides the region’s energy independence urgency, sustainability issues have not gone anywhere. Trusted financial partners have always had a major role in making big changes happen. Therefore, we’re delighted to start a new partnership with Berenberg in our long and meaningful journey,” said Rokas Bancevicius, CFO of Green Genius.
Torsten Heidemann, Head of Infrastructure & Energy of Berenberg, added: “We are proud to support Green Genius on its strong growth path in Poland and look forward to finance future Green Genius projects across Europe. They have the know-how and resources to become a major player in the European renewable energy market.”