R.Power secures €43 million project financing for photovoltaic projects in Poland

The portfolio consists of nine PV projects, some already in operation, with the balance to be constructed and commissioned by the end of 2026. Portfolio revenues are secured through a mix of contracts for difference (CfDs) and a recently announced 470 GWh power purchase agreement (PPA).

The deal takes the total project financing raised by R.Power over the past 12 months to around €150 million, completing a year of debt market firsts as it expands activities across multiple technologies and European markets.

One year ago, R.Power agreed its first international financing, securing €38.6 million from Banco BPI S.A. and CaixaBank S.A. for the construction of 44 MWp of PV in Portugal. Shortly afterwards, R.Power announced its first project financing in Romania, securing €12.4 million from Bank Gospodarstwa Krajowego for the construction of 23 MWp of PV in Romania.

A further debt market first followed at the turn of the year, through the announcement of R.Power’s first project financing in Germany. The IPP’s €7 million financing for its 20 MW Klotze PV project in Saxony-Anhalt, Germany, was enabled by DAL Deutsche Anlagen-Leasing, together with its financing partner Deutsche Leasing Finance.

In December 2025, a PLN 206.7 million (€49 million) loan for the construction of the 127 MWp Zary-Marciszów PV power plant was signed with Bank Gospodarstwa Krajowego, financed from the National Recovery and Resilience Plan (KPO).

R.Power’s first battery energy storage system (BESS) project financing, a €45 million debt financing package for the flagship 127 MW/254 MWh Scornicesti BESS project, achieved credit approval.

Michal Swól, R.Power’s Chief Investment Officer, commented: “R.Power has built a demonstrable track record in the debt markets, earning the backing of multiple respected banks and institutions across Europe. This work has fuelled our expansion across multiple European markets. With one of Europe’s largest investor-ready pipelines of utility scale storage and renewables projects, we expect to be even more active in the project financing arena in 2026.”

In addition to the above funding, R.Power also secured PLN 499.1 million (€118 million) of grant agreements with the National Fund for Environmental Protection and Water Management – the national operator of the modernisation fund – to implement priority BESS projects.

While R.Power raises most of its debt at the project level, the IPP has also been active in the bond markets and, in 2025, issued its first Euro-denominated green bonds in a €30 million deal with the World Bank Group’s International Finance Corp.

An additional subscription of up to €20 million from a third-party co-investor is anticipated, which will take the total value of bonds issues to date (Euro and Polish Zloty denominated) to more than €195 million.

R.Power’s overall pipeline of grid-secured, utility scale BESS and renewables projects exceeds 10 GW, spanning six major markets: Poland, Romania, Germany, Italy, Portugal, and Spain. This development pipeline complements a 1.4 GW portfolio of operational and construction projects, backed up by debt financing arrangements with leading financial institutions and long-term offtake contracts with major utilities and corporate brands.

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