Funding and M&A Roundup: Volvo Group Acquires Battery Business for $210 Million

The European Bank for Reconstruction and Development (EBRD) and French asset manager Eiffel Investment Group (Eiffel) made a joint loan of €45 million (~$48.83 million) to PL-SUN Sp.z.o.o for the construction of a portfolio of solar power plants.

PL-SUN Sp.z.o.o is a holding company incorporated in Poland to construct and operate a portfolio of solar plants. It is owned and sponsored by a Lithuanian closed-end investment company, UAB Atsinaujinančios Energetikos Investicijos (AEI), focused on renewable energy investments and managed by Lords LB Asset Management.

The construction bridge loan will finance the development of a portfolio of 16 solar projects totaling 114.7 MW across Poland. The plants are expected to generate a total of 122.5 GWh of electricity and save 88,000 tonnes of carbon dioxide emissions annually.

Andrius Stonkus, Partner and CIO at Lords LB, said: “This transaction is very significant for the development of Lords LB Asset Management portfolio of solar projects in Poland. I am glad that it not only contributes to the development of our renewable energy infrastructure in Poland but also meets the country’s green energy strategic goals.”

Elisabetta Falcetti, EBRD Regional Head for Poland and the Baltic states, added: “Unlocking additional financial resources for the renewables sector in Poland is crucial to meet the country’s ambitious green transition targets. I am particularly pleased that this first project under the EBRD and Eiffel partnership will – thanks to the efforts of Lords – increase the renewable energy generation capacity in Poland and support the country’s shift to a greener, more sustainable energy model.”

According to Mercom’s Q4 and Annual Global Solar Funding and M&A report, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed.

ib vogt, a renewable energy project developer, recently achieved financial closure for a 418 MW solar PV portfolio in Spain. The PV portfolio consists of three projects clustered around Segovia, in the autonomous community of Castile and León, Spain.