Green Genius, a renewable energy company, has secured €22 million (~$21.23 million) debt financing from German private bank Berenberg to finance the construction of a 69 MW portfolio of solar projects in Poland.

The Berenberg Green Energy Junior Debt Funds provides mezzanine financing, which, along with other financial resources, is to be used for the construction and operation of solar projects. The private bank Berenberg acted as an investment advisor to the fund.

The project portfolio with a capacity of 69 MW consists of individual 1 MW, 5 MW, or 8 MW PV projects spread across Poland. The portfolio will operate on a mix of 10-year PPAs, 4-year PPAs, and the state-backed 15-year contract-for-difference support mechanism, ensuring the stability of electricity pricing for the projects. The portfolio is about to start construction and is expected to be completed in 2023. Total investment into this project will now reach up to €59 million (~$57million), including the latest mezzanine round.

“Besides the region’s energy independence urgency, sustainability issues have not gone anywhere. Trusted financial partners have always had a major role in making big changes happen. Therefore, we’re delighted to start a new partnership with Berenberg in our long and meaningful journey, ” Rokas Bancevičius, CFO of Green Genius, stated.

According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, announced large-scale project funding in Q2 2022 came to $6.9 billion, a 24% decrease compared to $9 billion in Q1 2022.

Greenbacker Renewable Energy (GREC), an investment manager and independent power producer, recently entered into a senior credit agreement of $186.2 million with KeyBank and Fifth Third Bank. Sheppard, Mullin, Richter & Hampton, an international law firm, acted as an advisor for Greenbacker, while Hampton, Winston & Strawn represented the lenders.