Financing will be allocated to the construction of 7 solar power plants with the total capacity of 91 MWp which won the last year’s RES auctions. R.Power is the largest Polish developer of photovoltaic projects.
In the last two years, as part of bank financing, the company obtained in total PLN 770 million (EUR 168 million) for the construction of projects in Poland. This year, in June, R.Power established a record-breaking programme of bonds for PLN 1 billion (EUR 219 million).
15-years contracts for differences
“We believe that photovoltaics is a sector which has excellent perspectives in our country. Last year, Poland recorded the increase in the installed capacity by nearly 2.5 GW, which is the fourth result in Europe, right after Germany, the Netherlands and Spain”, says Tomasz Sek, the co-founder of R.Power which, as part of the last RES auction, secured the rights to sell energy from the portfolios of projects with the total capacity of 299 MW.
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15-years’ contracts for differences will be concluded under the financed projects which will ensure the guaranteed level of electricity selling prices. Each bank owns 50% shares in the transaction. Both BNP Paribas Bank Polska and Santander Bank Polska are a Leading Organiser, Hedging Transaction Parties and an Original Lender. In addition, Santander Bank Polska fulfils a role of a Credit Agent, an Escrow Agent and a Bank of Accounts.
R.Power
“This is our second project financing signed with R.Power within one year. It demonstrates the importance of a green agenda for our organisations. Santander implements consistently a strategy aimed at supporting the green transformation of the Polish power sector”, says Juan de Porras, a Vice President of the Management Board and a Head of the Corporate and Investment Banking Division at Santander Bank Polska.
Long history of collaboration
“We are really satisfied with the development of our relationship with R.Power. The history of our collaboration dates back to the year 2014, when our bank financed some of the first solar projects implemented by R.Power”, says Łukasz Pobudejski, a Director of the Structured Financing Department at BNP Paribas.
“At the same time, this is another transaction which demonstrates the correlation of BNP Paribas support with energy transformation through the development of the RES sector in Poland”, he adds. (hcn)
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