SUNfarming, a solar project developer and installer through its independent power producer SUN IPP, secured €50 million (~$54 million) to construct 231 MW solar projects in Poland.
The mezzanine capital is being extended as subordinated loan by Hansainvest Real Assets, the Hamburg-based investment firm. The euro-denominated mezzanine financing has a term of as much as 20 years.
SUNfarming has developed more than 650 MW of PV projects since beginning its operations.
HANSAINVEST Real Assets was advised on this transaction by Dentons, Baker Tilly, and renerco plan consult. Capcora was exclusively mandated as the financial advisor for SUNfarming Gruppe.
“We are pleased to celebrate our debut on the Polish renewable energy market with an existing partner, who at the same time has been active on the Polish market for many years now and already boasts a significant track record. We are convinced that Poland offers us enormous growth opportunities. The contract for difference system also offers protection against inflation on the revenues from the energy exchange, which ensures additional security for our investment,” said Christoph von Geldern, Head of Portfolio Management Infrastructure at HANSAINVEST Real Assets.
“We are expanding our successful partnership with HANSAINVEST Real Assets. Poland is our second principal market and we are grateful for the trust placed in our work, which is being underscored by the expansion of the partnership. 2022 has shown the potential waiting to be tapped on the Polish market, and we are pleased to have our partners accompany us on this path,” said Martin Tauschke, Managing Director of SUNfarming Gruppe and SUN IPP.
According to Mercom Annual and Q4 2022 Solar Funding and M&A report, large-scale project funding in 2022 came to $32.1 billion in 179 project funding deals, compared to $18.7 billion in 185 projects in 2021.
Norsk Solar, an independent solar power producer, recently secured a green bond of $10 million to finance its 18 MW solar power project in Brazil. The funding was secured through the issue of a 15-year Certificado de Recebiveis Imobiliarios (CRI) green bond with support from the Brazilian asset manager Valora Investimentos.