Renewable energy company Green Genius and Polish universal banking Group mBank agreed on a transaction worth PLN 220 m (€ 46,45 m) to build 69 MW solar plants in Poland. This is the largest Green Genius deal in Poland’s market so far.
“In Europe’s course of energy independence, cross-border cooperation is inevitable, – said Rokas Bancevičius, CFO at Green Genius. – It is an important milestone for us in Poland & we’re delighted to have this experience in cooperation with the bank.”
“The financing of green sectors and energy transformation is one of the pillars of mBank’s strategy. By 2025, we intend to earmark as much as PLN 10 billion for the financing of RES, electromobility, and recycling. Our PLN 220 million loan for the construction of solar farms is one of the largest transactions of this type on the Polish market, which shows how determined we are to achieve green objectives.” – says Bartłomiej Czuba, Deputy head of Structured and Mezzanine Finance, mBank.
According to Polish Investment & Trade Agency, in 2020 Poland used ~25% of its solar market potential. However, the situation in the market is rapidly changing. Green Genius has announced its 4th solar portfolio in Poland last spring. The first milestone of the portfolio – 66 MW solar plants – is already under construction. The second milestone of the current 69 MW solar plants will be financed based on a transaction with mBank. The Polish universal banking group mBank has already invested over PLN 1 b (€ 215 m) in large-scale solar projects.
Green Genius is a renewable energy developer operating in 8 European countries. Since 2019, Green Genius has already build three solar PV projects in Poland of a total accumulated capacity of 128.1 MW. Along with current projects under construction, overall Green Genius is to implement 263 MW in Poland.