Green Genius funds 69MW Polish solar buildout

• EUR46m loan from mBank's is among the largest in the nation's PV sector

Renewable resource business Green Genius and Polish banking Group mBank have settled on a transaction worth PLN220m (EUR46m) that will fund the construction of a 69MW solar portfolio.

This is the biggest Green Genius handle Poland's market so far.

" In Europe's course of power independence, cross-border participation is unpreventable," claimed Rokas Bancevičius, CFO at Green Genius, including: "It is an essential milestone for us in Poland and also we're delighted to have this experience together with the financial institution."

Bartlomiej Czuba, Deputy head of Structured as well as Mezzanine Finance at mBank, said: "The financing of green sectors as well as power transformation is just one of the pillars of mBank's approach.

" By 2025, we intend to set aside as much as PLN10bn for the funding of RES, electromobility as well as recycling.

" Our PLN220m loan for the building and construction of solar farms is one of the biggest transactions of this kind on the Polish market, which demonstrates how identified we are to accomplish green objectives."

Green Genius has actually introduced its fourth solar portfolio in Poland last springtime.

The first milestone of the portfolio, making up 66MW of projects, is currently unfinished.

The second milestone of the 69MW of solar projects will certainly be funded based upon the transaction with mBank, which has currently spent PLN1bn in large-scale solar projects.

Green Genius has actually currently built 3 solar plants in Poland with a complete accumulated 128MW capacity.

Consisting of projects incomplete, Green Genius will certainly supply 263MW in Poland.