SUNfarming closes project funding for 26-MWp Polish PV portfolio

• German solar engineering team SUNfarming GmbH claimed on Tuesday it has achieved economic close on the project financing for 26 MWp of solar photovoltaic or pv (PV) projects in Poland.

The firm has actually received a structure term financing as well as VAT facility of PLN 116 million (USD 31.5 m/EUR 25.6 m) from Polish loan provider ING Bank Slaski SA. Financial close on the initial tranche totalling PLN 45 million was gotten to at end-December.

The 15-year non-recourse financial debt will be made use of to re-finance the 26 projects forming the portfolio, every one of which will obtain tariffs under Poland's Contract for Difference (CfD) scheme. The refinancing of equity and also temporary bridge financial obligation will likewise be covered by the new funds.

The certain schemes are held by 16 special purpose automobiles and become part of SUNfarming's independent power producer (IPP) portfolio of around 50 MWp, the German firm said.

ING obtained lawful guidance by Allen & Overy, while UL was its technical advisor. SUNfarming's financial advisor was German consulting company Capcora Capcora.