Bank Pekao bankrolls 67.8-MW Polish solar project by Lithuanian fund

• Polish lender Bank Pekao (WSE: PEO) will extend PLN 105 million (USD 24.5 m/EUR 22.4 m) in debt financing to back the building of 67.8 MW of solar photovoltaic (PV) plants in its home country, it claimed previously this week.

The loan agreement was signed with PV Energy Projects Sp zoo, an unique purpose vehicle had by Lithuanian closed-end investment fund UAB Atsinaujinancios Energetikos Investicijos, which is in turn managed by Lords Asset Management.

The fresh capital will be made use of to develop 36 solar parks throughout 8 Polish districts. A total amount of 32 of the proposed plants will have an average capacity of less than 1 MW, while the remaining 4 will be medium-sized plants of around 9 MW each.

PV Energy Projects means to mount about 40 MW of the overall capacity during the existing year as well as bring the remaining plants online in 2024. During their initial year of procedure, the PV selections are anticipated to have a consolidated output of 77,112 MWh, or sufficient to cover the electrical energy demand of some 21,000 homes each year.

Bank Pekao will work as the loan, collateral as well as security agent in the deal.

Atsinaujinancios Energetikos currently operates 68.1 MW of solar parks in Poland and also Lithuania as well as is a co-owner of a 185.5-MW wind ranch portfolio in Lithuania.