R Power Group, a Polish solar developer, has obtained €189 million in finance for the development of 299MW of photovoltaic projects.
The agreement was signed by a bank consortium consisting of ING Bank Slaski, Santander Bank Polska, Erste Group Bank, PKO Bank Polski, and Bank Pekao.
In the 2021 renewable energy auctions, R Power secured 299MW of solar capacity. R Power completed a portfolio of photovoltaic farms with a total capacity of over 175MW last year.
R Power also obtained the rights to sell electricity from project portfolios with a total capacity of over 400MW as part of the auctions held over the last few months.
In total, the business is constructing a project portfolio of over 6GW in Poland, making it the country’s largest solar player.
Commercialization of the financed projects has been aided in part by a PPA and 15-year CfD contracts that guarantee a certain level of energy sales prices.
The solar farms’ productivity, operations, and maintenance will be handled by Nomad Electric.