GoldenPeaks Capital (GPC), an independent renewable energy power producer, secured €109 million (~$118.46 million) in financing across separate transactions for two large-scale solar project portfolios in Poland. Both portfolios, having a total capacity of 177 MW, are being developed by GoldenPeaks Capital.
The two portfolios comprise over 100 solar projects, which are in various stages of construction and scheduled for commercial operations by Q4 2024.
NORD/LB, a German bank, provided the funding. The €109 million financing is split in two separate transactions where €66 million (~$71.73 million) will support the KAMI 2 portfolio and €43 million (~$46.73 million) will go for the KAMI 3 portfolio.
In addition, Google has signed a 10-year power purchase agreement with GoldenPeaks Capital to achieve its carbon reduction targets.
Once operational, the two portfolios will produce enough carbon-free electricity to power over 12,000 households.
Heiko Ludwig, Global Head of Structured Finance at NORD/LB, said, “The solar farms will play a pivotal role in advancing the renewable energy transition in Poland, and we’re thrilled to support GoldenPeaks Capital on this important project.”
“NORD/LB was the perfect fit as financing partner for this Polish solar portfolio,” said Daniel Tain, Founder & President of GoldenPeaks Capital.
Last month, GoldenPeaks Capital closed financing for 64.5 MW solar projects located in northeast Hungary. Erste Group and Erste Bank Hungary provided the senior financing. The portfolio comprises two solar projects and is currently under construction.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Earlier this month, rPlus Energies, a solar and energy storage project developer, secured over $1 billion in construction debt financing for its Green River Energy Center, which comprises 400 MW of solar PV and 400 MW/1,600 MWh of energy storage.
