Polish solar developer R Power has sealed a significant credit agreement with PKO Bank Polski to fund the construction of a 59MWp portfolio of solar power plants across Poland, following a project finance model.
Valued at nearly PLN190m (€43.9m), the agreement provides R Power with long-term debt financing totaling PLN75.5m and €26.7m, alongside auxiliary financing for VAT tax and a guarantee line to support the obligations of the cPPA agreement.
Tomasz Sęk, COO and co-founder of R Power, expressed enthusiasm about the partnership, stating, “The signed agreement not only represents a step forward in our cooperation but also confirms trust in our vision for development. Thanks to our partnership, we can continue the development of photovoltaic projects, contributing to the construction of an efficient energy infrastructure in Poland.”
Marcin Majewski, Director of Corporate Clients and Enterprises Relations at PKO Bank Polski, emphasized the bank's commitment to supporting renewable energy initiatives, stating, “Such investments will increase the share of renewable energy in the national energy mix, which is beneficial for both the environment and the economy.”
He further underscored PKO Bank Polski's role as a leader in facilitating the energy transformation, recognizing the significant investments required for this transition.
The financing marks another milestone for the R Power Group, which has secured over PLN1bn in bank financing under the project finance model for its renewable energy assets, solidifying its position as a key player in the European renewable energy sector.
In parallel news, R Power announced the signing of 10-year power purchase agreements for its PV project portfolio in Portugal, marking its first international, long-term PPA agreement. The contracts cover photovoltaic farms across central Portugal, with an estimated electricity sold totaling 552GWh over the contract period from 2025 to 2034.
