Atsinaujinancios Energetikos Investicijos (AEI) has secured €45m of funding to build almost 115MW of solar farms in western Poland.
The Lithuanian company, owned by investment management firm Lords LB Asset Management, signed the joint loan agreement with Eiffel Investment Group and the European Bank for Reconstruction and Development (EBRD), which will be provided in two €22.5m shares.
The company will the funds to develop 16 Polish PV projects with a total capacity of 114.7MW.
AEI currently manages around 250MW of operating and under-construction solar farms. The portfolio will be the company’s third scheme in Poland.
“This loan secured funding for the entire construction period of the project, while at the same time giving us enough freedom to shape the final revenue structure of the parks until the completion of their construction,” said AEI manager Grete Bukauskaite.
“We are delighted that two solid financing institutions are providing financing for our project. This confirms the quality of the project and perspective of the Polish market.”
The EBRD’s regional director for Central Europe and the Baltic States Elisabetta Falcetti added: “Unlocking additional financial resources for the renewables sector in Poland is crucial to meet the country’s ambitious green transition targets.
“I am particularly pleased that this first project under the EBRD and Eiffel partnership will – thanks to the efforts of Lords – increase the renewable energy generation capacity in Poland and support the country’s shift to a greener, more sustainable energy model.”