Polish renewables-focused general contractor Onde SA (WSE:OND) has finalized a debt financing agreement worth PLN 87 million (USD 21.6 million / EUR 20.1 million) to support the construction of a 32-megawatt solar park in northeastern Poland.
The financing, secured through its subsidiary Park Lewald sp zoo from domestic lender mBank, will cover the installation costs of the photovoltaic (PV) farm located in the Warmian-Masurian Voivodeship. Dubbed Park Lewald, the solar site is projected to be operational by the end of April 2025.
Onde, a subsidiary of Polish builder Erbud SA specializing in renewables, emphasized that the funding will facilitate the project's completion and eventual handover to its ultimate investor. Concurrently, the company is exploring a nearby wind project to leverage the area's hybridization potential.
“This external financing will allow us to finalize the project implementation and transfer ownership to the final investor,” stated Onde.
In the first half of this year alone, Onde has already sold 60 megawatts of solar projects and secured contracts for their development and construction. Looking ahead, the company anticipates its renewable portfolio to grow significantly, estimating between 1.6 gigawatts (GW) and 1.8 GW within the next two to three years.
