SUNfarming Group from Erkner has secured
two new bridge financing facilities from various debt funds. The funds will be
used to expand the existing portfolio in Poland to a total capacity of approx.
60 MWp in the short term. The consulting firm Capcora again was mandated to
accompany the financing processes as an exclusive financial advisor.
The two individual transactions are an extension of an existing facility and a
bridge financing for acquisition and installation of a dedicated portfolio,
which was implemented with a new partner.
EUR 12 million will be used to finance the construction of 17 MWp of new
photovoltaic projects in Poland, which have been awarded with a CfD in the
2018 auction and are to be built and connected to the grid by April 2020.
Another existing financing scheme was increased from EUR 20 million to EUR 25
million. This revolving credit facility is made available to SUNfarming Group
for approx. 3 years and is an essential key factor for the realisation of new
projects and for further growth in Poland.
“With the conclusion of these two new facilities, we will continue our growth
after a successful year 2018 and significantly increase the Polish portfolio
to at least 150 MWp over the next two years,” says Martin Tauschke, Managing
Director and Co-Owner of SUNfarming Group.
The Polish government recently extended the deadline for the completion of
projects from the 2018 auction to November 2020, which has increased the
probability of realisation of many projects. Another PV auction with a tender
volume of 750 MW of solar capacity will take place in December 2019. According
to current statistics, there are approx. 1 GWp installed in the Polish market,
of which approx. 500 MW are free-field projects within the scope of the
auction. With the already installed capacity and after completion of the
projects under construction of 46 MW, SUNfarming has a market share of almost
10% of realized auction projects in Poland.