GoldenPeaks Capital, a prominent renewables investor in Eastern Europe, has finalized the financing for a portfolio of solar projects totaling 65MW capacity in Hungary, signaling a significant advancement in the region's renewable energy sector.
The portfolio encompasses two solar projects situated in north-east Hungary, currently undergoing construction and poised to enter long-term power purchase agreements (PPAs).
Erste Group and Erste Bank Hungary played pivotal roles in providing senior financing, while the junior tranche received backing from a fund managed by the French asset manager Schelcher Prince Gestion.
Capcora, serving as the exclusive financial advisor to GoldenPeaks, facilitated the securing of mezzanine financing for the projects.
Daniel Tain, President of GoldenPeaks, expressed satisfaction with the accomplishment, emphasizing its importance in the company's trajectory:
“We're delighted to have secured both senior and junior facilities for our projects in Hungary marking another milestone in our history. Concurrently, we're welcoming two new strategic lenders to our network, crucial for our mission to be a leading independent power producer in the Central Eastern European market.”
Marcus Hinrich Fischer, Executive Director for Corporate Finance Solutions at Erste Group, highlighted the collaborative financial structure aimed at enhancing project viability:
“Partnering with GoldenPeaksCapital, we have worked out a financial structure which gives more time and flexibility than usual to source and negotiate power purchase agreements with off-takers as one of the major commercial pillars of the project. Integrating junior debt from SPG into the financing provides for further optimisation of the funding.”
With a track record of solar system ownership in Poland, GoldenPeaks Capital's expansion into Hungary underscores its commitment to advancing renewable energy initiatives in Central Eastern Europe, positioning the company as a key player in the region's transition towards sustainable power generation.
