German solar developer SUNfarming Group has secured €17m debt finance to expand its project portfolio in Poland.
The Erkner outfit has agreed two bridge financing facilities from various debt funds.
Around €12m will be used to finance the construction of 17MWp of new projects in Poland that were awarded Contracts for Difference in the 2018 auction.
The projects, due online next year, will boost SUNfarming’s Polish portfolio to around 60MWp.
“With the conclusion of these two new facilities, we will continue our growth after a successful year 2018 and significantly increase the Polish portfolio to at least 150MWp over the next two years,” said director Martin Tauschke.
SUNfarming said the Polish government’s recent extension of the deadline for the completion of projects from the 2018 auction to November 2020 has increased the probability of realisation of many projects.
Another PV auction with a tender volume of 750MW of solar capacity will take place next month.