Polish Developer Secures €38m Loan for 76MWp PV Projects
- Polish renewables developer PAD RES has secured a €38m bridge loan to support the construction of 14 fully merchant solar PV projects with a total capacity of 76MWp.
What happened?
Polish renewables developer PAD RES has secured a €38m bridge loan to support the construction of 14 fully merchant solar PV projects. The solar projects will have a total capacity of 76MWp, ranging in size from 1MWp to 14MWp and are spread across Poland. They will operate on a "fully merchant" basis initially, but PAD RES reserves the right to market the electricity generated via a power purchase agreement in the future. All 14 individual photovoltaic projects are expected to be completed by end of 2024, with construction of the first projects already underway. The financing package was secured through a structured process led by Capcora, who acted as exclusive financial advisor to PAD RES in the transaction.
Why does it matter?
The loan will enable PAD RES to develop 14 solar PV projects with a total capacity of 76MWp across Poland. This will contribute to the clean energy transition and help the country and its communities move towards a more sustainable future. It is also a sign that the renewable energy sector in Eastern Europe is growing and attracting more investment. PAD RES’s partnership with RGREEN INVEST is a testament to the increasing demand for renewable energy in the region.
What's next?
The 14 solar PV projects are expected to be completed by the end of 2024. In the meantime, PAD RES is continuing to work on other projects, such as wind farms and solar parks. The company is also in the process of developing a new energy storage project, which will help to maximize the efficiency of its renewable energy sources. PAD RES is committed to continuing its work in leading the clean energy transition and contributing to a sustainable future for Poland and its communities.
