Onde gets financing for 18-MW solar portfolio in Poland

• Onde SA (WSE: OND), the renewables construction business of Polish group Erbud SA (WSE: ERB), claimed it has obtained a PLN 56 million (USD 13m/EUR 12m) loan from Polish lender mBank to finance an 18-MW solar photovoltaic or pv (PV) Cyranka portfolio in Poland.

Cyranka, which includes PV projects Gizycko 1 and also Gizycko 2 in Poland's north-eastern Warmia-Masuria province, is the initial development in the Onde portfolio accomplished by itself account, Onde claimed in a press release on Monday.

Onde's unique function vehicle has obtained the financing when construction operates at Cyrancka are practically over so the funds will certainly be made use of for more PV farm projects, chief executive officer Pawel Sredniawa explained.

The firm is considering various alternatives for monetising Cyranka, which is currently supplying power to consumers. The sale of electrical power in the form of a lasting power acquisition contract (PPA) or locating a capitalist curious about acquiring the project stay viable alternatives, Sredniawa added.

Onde's financial investment portfolio consists of projects at various stages of growth, whose generation potential reaches almost 840 MW.