Polsat Plus Group has secured financing totalling nearly PLN 953 million for the construction of its largest wind farm in Drzezewo, with a capacity of 139 MW. Construction is nearing completion, with all 63 turbines installed, and commissioning is underway. Test electricity is already being generated from 51 turbines. The farm's full commercial launch is planned for 4Q24.
Polsat Plus Group has secured loans totalling up to PLN 952.9 million from a consortium of Polish financial institutions to finance or refinance the entire construction costs of the Drzezewo wind farm. The loans consist of a PLN term loan of up to PLN 874 million, a revolving debt service reserve loan of up to PLN 55.8 million, and a revolving VAT loan of up to PLN 23.1 million.
“The financing obtained, provided by a consortium of renowned Polish banks, is an expression of the deep confidence of financial institutions in our Group and its current management and supervisory staff, as well as confirmation of the effectiveness of our 2023+ Strategy. It is also worth emphasising that the project's implementation has received the full support of Zygmunt Solorz and all his children, as well as the TiVi Foundation Council,” said Katarzyna Ostap-Tomann, Member of the Management Board for Finance and ESG at Cyfrowy Polsat, Vice President of the Management Board for Finance at Polkomtel, Polsat Plus Group. “We are implementing our strategy based on multi-tiered financing, a combination of corporate and project debt. Therefore, we develop renewable energy projects according to their construction schedules, regardless of the availability of project loans at the appropriate time. Once such loans are secured, they are allocated to refinancing the investment and contribute to the Group's corporate financing. This is precisely what happened with the Drzezewo wind farm. The project of our largest wind farm is successfully nearing completion, with all 63 turbines installed.”
“The installation tests, including the generation of the first electricity from the farm, began in May, and now the technical commissioning of the installation is underway, with 51 turbines in operation,” he added.
The loans bear interest at a variable rate, which is the sum of the appropriate WIBOR rate for specific interest periods and a margin. The term loan will be repaid in quarterly instalments of varying amounts and will be repaid no later than 30 June 2041, or within 15 years from the wind farm's construction completion date, whichever comes first.
The consortium of financing institutions includes: Bank Gospodarstwa Krajowego (as credit agent and security agent), Bank Polska Kasa Opieki SA, and Powszechna Kasa Oszczednosci Bank Polski SA.
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