Green Genius gets EUR-47m loan for 69 MW of Polish solar

• Lithuanian renewables designer Green Genius stated today it has actually secured a PLN-220-million (USD 49.9 m/EUR 47.1 m) loan from Polish lending institution mBank (WSE: MBK) to fund the building and construction of 69 MW of solar energy plants in Poland.

The plants are part of the business's fourth solar portfolio in Poland which was revealed last springtime. As part of this, 66 MW solar plants are already incomplete.

Bartlomiej Czuba, deputy head of Structured and Mezzanine Money at mBank, said that the financial institution intends to give as long as PLN 10 billion in financing for renewable resource resources, electromobility and recycling by 2025.

"Our PLN 220 million loan for the building and construction of solar ranches is one of the biggest deals of this kind on the Polish market, which shows how identified we are to accomplish green objectives," Czuba added.

In September 2022, it was announced that the Berenberg Green Energy Junior Debt Funds is giving EUR 22 million in mezzanine funding to support the 69-MW portfolio, that includes projects varying from 1 MW, to 5 MW and also 8 MW spread across Poland.

Green Genius has actually until now built 3 solar projects in Poland amounting to 128.1 MW. Including projects currently under construction, the capacity reaches 263 MW.