R Power protects EUR30m financing agreement

• Funds will certainly allow the Polish designer to create a variety of solar projects across Europe

Polish solar developer R Power has entered into a EUR30m loan arrangement with Eiffel Investment Group to enable the construction of the former's solar projects across Europe.

The loan was granted from bridge financing funds managed by the French financier for a period of as much as 18 months as well as the deal consists of a choice to boost the loan amount to EUR40m.

The funds raised will certainly be utilized to fund the construction of R Power's PV projects in European nations such as Portugal, Italy as well as Poland.

R Power Group chief executive officer Przemek Pięta claimed: "In a few years we wish to go to the top of independent energy producers in Europe.

" The funding agreement with Eiffel Investment Group is an additional huge step in our international growth.

" Importantly, this is the very first financing of the R. Power Group in euros as well as, thanks to the natural hedging, allows us to decrease the exchange rate risk."

Eiffel Investment Group head of infrastructure Pierre-Antoine Machelon claimed: "We are extremely pleased to sustain R.Power Group's acceleration and also development by funding its renewable energy projects in Poland and also various other European locations.

" Providing financing for renewable energy projects in these European markets is essential to making the power transition seamless throughout Europe."