Polish solar developer R Power has entered into a €30m loan agreement with Eiffel Investment Group to enable the construction of the former’s solar projects across Europe.
The loan was granted from bridge financing funds managed by the French investor for a period of up to 18 months and the deal includes an option to increase the loan amount to €40m.
The funds raised will be used to finance the construction of R Power’s PV projects in European countries such as Portugal, Italy and Poland.
R Power Group chief executive officer Przemek Pięta said: “In a few years we would like to be at the top of independent energy producers in Europe.
“The financing agreement with Eiffel Investment Group is another big step in our international development.
“Importantly, this is the first financing of the R. Power Group in euros and, thanks to the natural hedging, allows us to reduce the exchange rate risk.”
Eiffel Investment Group head of infrastructure Pierre-Antoine Machelon said: “We are very happy to support R.Power Group’s acceleration and development by financing its renewable energy projects in Poland and other European geographies.
“Providing financing for renewable energy projects in these European markets is key to making the energy transition seamless across Europe.”