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25 million PLN (5.8 million EUR) Loan for Photovoltaic Project in Poland

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 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.

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