Sun Investment Group (SIG), a solar project developer and investment management company, secured debt financing for a pipeline of mid to late-stage solar PV projects with a total capacity of 1,970 MW located in Poland. The funding was entirely subscribed by an international debt fund and will support the development of the projects.
The pipeline comprises 323 individual projects ranging from 1 MW to 120 MW capacity, including approximately 100 MW at the ready-to-build stage, along with 1,120 MW of mid-stage and 750 MW of early-stage projects.
“We are pleased to have secured this debt facility with the assistance of Capcora. It will play a crucial role in advancing the realization of our business plan in the coming years. Polish market currently continues to be one of the most attractive arena for investors and lenders in Europe, offering alternative funding solutions,” says Deividas Varabauskas, CEO at Sun Investment Group.
SIG has stated to have a portfolio of more than 3 GW of renewable energy projects, of which about 300 MW are in the ready-to-build stage.
“We are delighted to have secured an alternative financing solution for SIG and successfully closed this transaction. The integration of projects at various stages and the substantial project volume make this achievement truly exceptional in the Polish market,” explains Bartek Hofmann, Director at Capcora and head of the Polish branch.
Deloitte Legal Poland and TGS Baltic served as legal advisors to SIG. Capcora, a Germany-based financial advisor, helped source lenders and structure the deal.
According to Mercom’s Q1 2024 Solar Funding and M&A report, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.
Green Genius, a renewable energy company, has secured €87 million (~$94 million) in debt financing for the construction of a 121 MW solar project in Jekabpils, Central East of Latvia. The company received funding from two banks, of which €26 million (~$28 million) was provided by Berenberg Bank, while Nord LB loaned €61 million (~$66 million).
