BNP Paribas Bank Polska and Santander Bank Polska signed an agreement for PLN 242 million (€53 million) on the financing of R.Power solar power plants’ portfolio. Financing will be allocated to the construction of seven solar power plants with a total capacity of 91 MWp, which won last year’s RES auctions. R.Power is one of the largest Polish developers of photovoltaic (PV) projects.
“In the last two years, as part of bank financing, the company obtained in total PLN 770 million (€168 million) for the construction of projects in Poland. This year, in June, it established a record-breaking programme of bonds for PLN 1 billion (€219 million). R.Power believe that PV is a sector which has excellent perspectives in Poland. Last year, the country recorded the increase in the installed capacity by nearly 2.5 GWp, which is the fourth result in Europe, right after Germany, the Netherlands, and Spain”, says Tomasz Sek, the Co-founder of R.Power which, as part of the last RES auction, secured the rights to sell energy from the portfolios of projects with the total capacity of 299 MWp.
15-years’ contracts for differences will be concluded under the financed projects which will ensure the guaranteed level of electricity selling prices. Each bank owns 50% shares in the transaction. Both BNP Paribas Bank Polska and Santander Bank Polska are a Leading Organiser, Hedging Transaction Parties, and an Original Lender. In addition, Santander Bank Polska fulfils a role of a Credit Agent, an Escrow Agent, and a Bank of Accounts.
“This is our second project financing signed with R.Power within one year. It demonstrates the importance of a green agenda for our organisations. Santander implements consistently a strategy aimed at supporting the green transformation of the Polish power sector”, says Juan de Porras, a Vice President of the Management Board and a Head of the Corporate and Investment Banking Division at Santander Bank Polska.
“We are really satisfied with the development of our relationship with R.Power. The history of our collaboration dates back to the year 2014, when our bank financed some of the first solar projects implemented by R.Power”, says Lukasz Pobudejski, a Director of the Structured Financing Department at BNP Paribas. “At the same time, this is another transaction which demonstrates the correlation of BNP Paribas support with energy transformation through the development of the RES sector in Poland”, he adds.
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