Green Genius, a renewable energy company, secures PLN 175 million (~$39.5 million) debt financing from Sequoia Economic Infrastructure Income Fund Limited to construct 66 MW solar projects in Poland. Sequoia Investment Management Company acted as an investment advisor on behalf of Sequoia Economic Infrastructure Income Fund Limited.
The project is expected to reach commercial operation in early 2023.
Since 2019, the company has developed three solar PV projects in Poland with a total accumulated capacity of 128.1 MW.
“We are delighted to sign our first financing transaction with Sequoia. The combination of Green Genius track record and Sequoia funding will increase green and independent energy generation in the region”, said Rokas Bancevicius, CFO of Green Genius.
“The closing of this transaction extends our investments in the renewable sector and also expands our geography at an important time,” said Dolf Kohnhorst, Partner at Sequoia.
Earlier this year, Green Genius secured a $22.8 million loan from Luminor Bank to implement 35 MW solar projects in Lithuania. The company will install its first solar projects this summer and complete the entire project by 2022.
According to Mercom’s Q1 2022 Solar Funding and M&A report, 82 large-scale solar projects were acquired (14 disclosed for $2.3 billion) in Q1 2022, compared to 80 transactions (11 disclosed for $1.1 billion) in Q4 2021. There were 82 large-scale solar project acquisitions (nine disclosed for $854 million) in Q1 2021.
In April 2022, The European Bank for Reconstruction and Development (EBRD) provided $48.4 million to construct a 285.6 MW solar project in Zwartowo, Poland. The EBRD financing comprises a senior secured loan and debt service reserve facility, part of a larger package co-financed by commercial banks PKO BP SA and Pekao SA. The project helps strengthen Poland’s energy security and accelerate its move away from coal.
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