AMEA Power Secures Financing for 120 MW Doornhoek Solar Project

ONDE, a renewable energy contractor involved in the development of solar and wind projects, announced the acquisition of a 63 MW solar project located in the West Pomeranian Voivodeship in Poland. The company acquired 100% stakes in a special-purpose vehicle that owns the solar project.

The project is in the advanced stage of development and is expected to reach commercial operation in mid-2027.

“As we have already announced, we want to strongly focus on the development of ONDE in the development and construction of RES installations from our own portfolio. We are prepared for this organizationally and financially. We have an efficient development team and our own design company IDE Projekt. We also have cash and external financing as well as a pool of projects ready for construction. For some of them, we want to look for an investor at the implementation stage, so that the cash returns to us faster, enabling the start of the next project” – explains Paweł Średniawa, President of ONDE.

With the latest transaction, ONDE’s portfolio expanded to approximately 850 MW. Out of these, 230 have secured construction permits, and almost half have already been issued connection conditions.

In March, the company sold a 23.1 MW portfolio of three solar projects to German municipal utility SachsenEnergie for PLN 19 million (~$4.8 million). Two of the three solar projects sold are currently under construction with a total capacity of 18.7 MW, and a third is under development with a potential capacity of 4.4 MW.

According to Mercom’s Q1 2024 Solar Funding and M&A Report, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a QoQ comparison, 13.7 GW of solar projects were acquired in Q4 2023.

Recently, RWE Clean Energy, a renewable energy project developer, announced the acquisition of 599 MW solar and energy storage projects in New York, Idaho, and Oregon from Galehead Development, a solar, wind, and energy storage project developer.