Polish renewables developer PAD RES has secured a €38m bridge loan to support the construction of 14 fully merchant solar PV projects.
The funds will be provided by French fund manager RGREEN INVEST through its short-term senior debt fund INFRABRIDGE III.
The solar projects will have a total capacity of 76MWp, ranging in size from 1MWp to 14MWp and are spread across Poland. They will operate on a “fully merchant” basis initially, but PAD RES reserves the right to market the electricity generated via a power purchase agreement in the future.
All 14 individual photovoltaic projects are expected to be completed by end of 2024, with construction of the first sites already underway.
The financing package was secured through a structured process led by Capcora, which acted as exclusive financial advisor to PAD RES in the transaction.
“We are thrilled to partner with RGREEN INVEST which brings its expertise and financial support to our portfolio of solar projects in Poland,” said Michal Pryca, CFO of PAD RES.
“This financing package marks a significant milestone for us in our mission to lead the clean energy transition and contribute to a sustainable future for the country and its communities.”
Mathilde Ketoff, Head of Debt Investment at RGREEN INVEST, added: “With this funding of PAD RES’s merchant project portfolio, RGREEN INVEST confirms its commitment to support the growth of renewable energy in Eastern Europe, namely Poland.
“Through this new partnership, we aim to contribute to the decarbonisation of the region’s electricity mix. We admire and support PAD RES’s work and look forward to accompanying them in their efforts.”