Polish solar crew seals 91MW building cash money

• R Power secures EUR53m funding from BNP Paribas Bank Polska and also Santander Bank Polska for seven projects

Polish designer R Power has actually secured building and construction financing for a 91MW portfolio of seven solar farms in Poland.

A PLN242m (EUR53m) contract has actually been authorized with BNP Paribas Bank Polska and also Santander Bank Polska.

The projects were won in auctions last year, R Power said.

R Power co-founder Tomasz Sek stated: "In the last two years, as part of bank financing, we acquired in total PLN 770m for the building of projects in Poland.

" This year, in June, we established a record-breaking programme of bonds for PLN 1bn.

" Our company believe that photovoltaics is a sector which has exceptional viewpoints in our country."

R Power said 15-year Contracts for Differences will certainly be concluded under the funded projects which will certainly ensure the assured level of electrical power market price.

Each bank has 50% shares in the deal.

Santander Bank Polska business as well as investment financial division head Juan de Porras said: "This is our second project financing signed with R Power within one year.

" It shows the relevance of a green schedule for our organisations. Santander executes constantly a strategy targeted at sustaining the environment-friendly improvement of the Polish power market."

BNP Paribas structured financing division director Lukasz Pobudejski stated: "We are really pleased with the growth of our connection with R Power.

" The background of our cooperation dates back to the year 2014, when our bank financed some of the first solar projects implemented by R Power."