R.Power, an independent renewable energy power producer in Europe, announced the close of an international project finance agreement totaling €38.6 million (~$39.92 million) with CaixaBank and Banco BPI. The financing will be used to develop a 68 MW solar project portfolio in Portugal.
The financing agreement comprises the refinancing of already constructed projects and funding to build eight large-scale solar projects. The company has not disclosed further details on the projects.
CaixaBank and Banco BPI served as mandated lead arrangers. CaixaBank also acted as green loan coordinator and Banco BPI as agent bank.
R.Power has secured a long-term power purchase agreement for the projects with a European energy group. Under the power purchase agreement from 2025 to 2034, R.Power is expected to deliver approximately 552 GWh of clean electricity produced by the portfolio.
“This is a significant milestone in the growth of R.Power. Our first international project finance agreement confirms our credibility in the European renewable energy market. We are pleased that CaixaBank and Banco BPI have entrusted us as partners in implementing photovoltaic projects in Portugal. The financing, backed by a long-term PPA, further demonstrates the robustness of our business,” emphasized Przemek Pięta, co-founder and CEO of R.Power.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, large-scale project funding deals in 2024 totaled $53.8 billion in 259 deals, up from $44.5 billion raised in 229 deals in 2023.
Last month, METLEN Energy & Metals (previously known as MYTILINEOS), a Greek industrial conglomerate, secured €67.9 million (~$71.22 million) in financing to support the construction and development of a solar project portfolio with a total capacity of 71.5 MW in Italy. The financing for these projects was secured through Piraeus, a Greek bank.
