By: Raj Prabhu
Qair, an independent renewable energy producer, secured a PLN 335.3 million (~$82.31 million) loan to develop a 129.5 MW solar project portfolio in Poland. The portfolio consists of three large-scale solar projects located in Golczewo, Rokietnica, and Pakość.
The loan agreement was signed with the consortium of Santander Bank Polska and PKO Bank Polski. The energy generated by the solar farm will be sold to identified off-takers under long-term corporate power purchase agreements (CPPAs). Funding may be subject to further expansion if the volume contracted under PPAs increases. The projects will enter the operational phase in 2024.
“We are pleased to continue our cooperation with Santander Bank and PKO Bank Polski, which will enable us to develop our portfolio of projects made for long-term CPPAs. We are extremely appreciative that representatives of both banks follow the changes in the renewable energy trading market with us and support our development,” says Krzysztof Wojtysiak, CEO of Qair Polska.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, announced large-scale project funding in Q2 2023 came to $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023.
Opdenergy, an independent solar and wind power producer, recently signed a financing agreement with Banco Santander to develop five photovoltaic projects totaling 216 MW for €128 million (~$141.59 million) in Spain. The transaction included the financing of the “Brovales” project, which consists of three solar projects: Brovales I (55 MW), Brovales II (55 MW), and Brovales III of 21 MW, all located in the province of Badajoz (Spain) whose financing will amount to €72.7 million (~$80.42 million). The funding amounts to €55.3 million (~$61.17 million) for solar projects of Capillas (56 MW) and Mulas (29 MW), both located in Zamora (Spain).
