Polish clear vitality developer PAD RES has obtained EUR 38 million (USD 40.7m) in debt financing to again the development of 76 MWp of photo voltaic parks in its dwelling nation, to be initially operated on a completely service provider foundation.
The bridge mortgage was offered by French impartial asset supervisor Rgreen Make investments, with the package deal secured by a structured course of led by Capcora. The transaction was introduced on Monday by the Frankfurt-based consultancy, which served as PAD RES’ monetary advisor.
The recent capital is earmarked for 14 photovoltaic (PV) tasks throughout Poland, of between 1 MWp and 14 MWp every. The capability is deliberate to be put in over the subsequent 18 months, with their building deliberate to be finalised by the tip of 2024. Whereas they’ll initially be run on a service provider foundation, the crops may later promote their electrical energy through energy buy agreements (PPAs), upon their proprietor’s discretion.
PAD RES has already began constructing the primary tasks within the portfolio.
Polish investor Griffin Capital Companions and actual property developer Kajima Europe acquired in September 2021 a majority stake in PAD RES, retaining as co-owner, founder and CEO Mariusz Adamczewski. The renewable vitality agency at present has over 500 MW of photo voltaic and wind tasks in its portfolio, together with schemes below improvement and with a shovel-ready standing.
(EUR 1.0 = USD 1.072)
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