Sun Investment Group (SIG), a leading European renewable energy firm, has successfully obtained a EUR 16 million construction bridge facility from an international debt fund. This financing will support the development of a 29 MWp portfolio of merchant solar photovoltaic (PV) projects across Poland. Capcora, a Germany-based financial advisory firm, acted as the exclusive advisor for SIG in this deal.
The portfolio consists of 25 individual solar PV projects, with capacities ranging from 1 MWp to 4 MWp, spread throughout Poland. Initially, these projects will operate on a fully merchant basis, though SIG retains the option to enter into power purchase agreements (PPAs) in the future. All projects are slated for completion by the end of 2024.
Deividas Varabauskas, CEO of Sun Investment Group, commented, “We are pleased to announce the successful acquisition of this bridge financing facility and the establishment of a new lender relationship. With the bridge financing landscape in Poland largely dominated by debt funds, forging new partnerships is crucial for securing the funding needed for our projects, especially in the absence of secured PPAs. This flexibility allows SIG to optimize the selling process of these assets.”
The facility has been structured at the HoldCo level, aligning with the construction timeline and the initial operational phases of the projects.
SIG was advised by TGS Baltic and Ontier Spain as legal advisors, with Capcora serving as the financial advisor.
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