GoldenPeaks Capital (GPC), a green energy firm focused on Central and Eastern Europe, has successfully closed senior and junior financing for a 64.5-megawatt peak (MWp) solar portfolio in Hungary, marking its inaugural projects in the country.
Senior financing was provided by Austria's Erste Group and its subsidiary Erste Bank Hungary, both extending equal amounts at the project level, as revealed by GPC on Thursday. However, specific financial figures were not disclosed by the company.
At the holding company level, junior financing was secured from a fund managed by French asset manager Schelcher Prince Gestion (SPG). The junior loan commences with a higher amount, with the option for downsizing.
Capcora, acting as the financial advisor to GPC, facilitated the arrangement of mezzanine financing to support the endeavor.
Although the projects were initially treated as merchant ventures in the transaction, GPC intends to adjust the financing structure upon signing power purchase agreements (PPAs) for them.
The solar portfolio comprises two projects situated in northeast Hungary, currently undergoing construction, according to GPC's statement.
