25 Million PLN (5.8 million EUR) Loan for Photovoltaic Project in Poland
September 28, 2018. A group of project companies – including strategic investor E energija, project developer Sun Investment Group and EPC contractor I+D Energias – received funding from a Polish bank. The companies are getting a 25 million PLN (€ 5.8 million EUR) loan, which re-finances the construction costs of a part of the group’s PV (photovoltaic) power plant portfolio in Poland.
The agreement was signed with ING Bank Śląski on September 25th in Warsaw.
The Institute for Renewable Energy predicts a strong rate of growth for the Polish solar energy industry in the coming years – it expects that the total capacity of solar energy systems in Poland will jump from 108MW in 2018 to 1.2GW by 2020.
“We are very pleased to sign this type of financial agreement,” said Sun Investment Group’s CEO, Deividas Varabauskas. “It shows the strength that renewable energy is gaining across Europe, and that solar energy represents a very safe opportunity for investors due to its low-risk and stable return nature. We hope to set the standard for this type of funding in Poland. As far as I know, it’s the first non-recourse project financing for a utility-scale PV project in Poland under the current support scheme. We anticipate that this deal will speed up the beginning of bank lending to solar projects in Poland, which would be a long-awaited development in this new and booming sector. This will benefit the whole solar sector and us, as a leading solar company in Poland.”
“This agreement shows that banks see us as a trustworthy partner for renewable projects and are ready to finance solar energy projects in Poland. This will contribute to Poland fulfilling its 2020 renewable energy targets as a European Union member state,” said Gediminas Uloza, CEO of E energija.
ABOUT SUN INVESTMENT GROUP
Sun Investment Group (SIG) was founded in 2011 as an investment management and development company, which focuses on solar energy assets in investment-grade markets. It has extensive experience in developing solar power projects across Europe. SIG has the main operating office in Warsaw with strong team of experts and has long-term plans to acquire a minimum of 100 MWp solar projects each year in Poland. The key markets for the company are Poland, Spain, Portugal, and Hungary. Meanwhile, SIG’s office in Warsaw is assembling a team of top local talent. https://suninvestmentgroup.com
ABOUT E energija group
E energija group counts more than 20 years of experience and employs 500 professionals. The group manages companies developing and investing in biomass, photovoltaic and wind projects in Lithuania, Latvia, Ukraine and Poland, with a goal to make a substantial impact on the prevention of climate change and reach 50MW of solar, 150 MW of wind and 100 MW of biomass by 2020.
E energija Polska, established in Gdansk in 2015, is a representative of the E energija group in Poland. http://e-energija.lt/en
ABOUT I+D Energias
I+D Energias was established in 2008. The main areas of company’s operations are photovoltaic self-consumption projects, as well as large scale photovoltaics constructions. I+D has already installed projects of more than 200 MW power while 213+ MW is in its development phase. The company’s main countries of operations are Lithuania, Poland, Hungary, Spain and Dubai. I+D employs over 60 top professionals. www.idenergias.com