Qair, an independent renewable energy producer, has announced the obtention of a bank loan for photovoltaic (PV) projects with a total capacity of 129.5 MW in Poland, including three large-scale farms in Golczewo, Rokietnica, and Pakosc.
The loan agreement was signed with a consortium of Santander Bank Polska and PKO Bank Polski with a value of PLN 335.3 million (term loan).
The energy generated by the solar farm will be sold to identified offtakers under long-term, corporate power purchase agreements (PPA). Funding may be subject to further expansion if the level of volume contracted under corporate PPAs increases.
The projects will enter the operational phase in 2024.
The commencement of the campaign to install GE Renewable Energy's 13 MW Haliade-X turbines, one of the largest and most powerful in the world, is a pivotal moment for the project, which is being developed and built by the UK developer SSE Renewables in a joint venture with Norway’s Equinor and Vårgrønn (a joint venture by Eni Plenitude and Hitec Vision).
“We are pleased to continue our cooperation with Santander Bank and PKO Bank Polski, which will enable us to develop our portfolio of projects made for long-term corporate PPAs. We are extremely appreciative that representatives of both banks follow the changes in the renewable energy trading market with us and support our development” said Krzysztof Wojtysiak, CEO of Qair Polska.
With this fourth major financing on the Polish market, Qair has raised just under PLN 2.0 billion for wind and PV projects in Poland with a capacity of more than 500 MW.