R.Power SA Group, a Polish solar developer, has secured a bank financing agreement to support the construction of a 72 MWp portfolio of upcoming solar photovoltaic projects across Poland.
According to an announcement on Monday, the group signed a PLN 231 million (USD 58.5 million/EUR 54 million) loan agreement with the Polish Development Bank.
This marks R.Power's third project finance deal this year, following agreements with BNP Paribas SA and Polish lender PKO Bank Polski SA, aimed at bolstering its solar expansion in Poland.
The new projects will be strategically located in various regions of the country, with commissioning set for 2024. Post-commissioning, operations and maintenance will be handled by Nomad Electric Services, a part of the R.Power group.
The 72 MWp portfolio is expected to generate revenues through long-term power purchase agreements (PPAs), ensuring stable financial returns for the company.
