This time the group of bondholders has expanded to include Bank Gospodarstwa Krajowego (BGK) and mBank banks, which have taken up two series of bonds with a total nominal value of PLN 75 million (EUR 15.9 million). In total, the company has raised PLN 250 million (EUR 53 million) under the current green bond programme. The funds raised will be used to develop a portfolio of projects in Poland and abroad.
With a project portfolio of almost 6.5 GW, the R.Power Group is one of the largest PV players in the CEE region. In the last two years alone, the company has obtained a record amount of over PLN 1.5 billion (EUR 318 million) in bank financing for the development of its projects. Now R.Power Group announced that two more recognised financial institutions - Bank Gospodarstwa Krajowego and mBank banks - have subscribed for 1/2022 and 2/2022 series bonds with nominal values of PLN 50 million (EUR 10.6 million) and PLN 25 million (EUR 5,3 million), respectively. The funds raised so far have allowed the company to, among others, develop its own power plant portfolio and reach nearly 750 MWp of fully developed projects (RtB), of which 428 MWp are currently under construction or already producing green energy. The share of foreign projects accounts for more than 15 percent and is growing dynamically quarter by quarter.
Increase energy independence
“In view of the uncertain geopolitical situation and the challenges posed by climate policy, green energy is the future for Europe and can increase the region's energy independence. We appreciate the commitment of financial institutions, which are increasingly willing to support investment in renewable energy sources. To be fully successful, however, we still need even greater involvement of government institutions, both in the area of policy conducive to renewable energy and the introduction of legislative solutions favourable to the industry”, said Przemek Pięta, president of the R.Power Group.
“The mission of Bank Gospodarstwa Krajowego is to support the sustainable social and economic development of Poland. We are convinced that the acquisition of the R.Power Group’s bond package will accelerate the implementation of the company's ambitious goals and strategy, which will ultimately also translate into the quality of life of Polish people. We are happy to assist a Polish company in its development and to be part of the transformation of the energy sector towards renewable energy sources”, said Włodzimierz Kocon, Vice-President of the Management Board of BGK.
Finance PV power plants including tracking systems
“mBank remains the leader in RES financing in Poland. In 2021 alone, we have allocated one billion zlotys to the financing of the construction of new wind and photovoltaic power plants. According to our new strategy, we want to provide PLN 10 bn of financing to green industries, such as RES, electromobility and recycling”, said Adam Pers, the Vice President of mBank for corporate and investment banking.
The money raised will be used to finance, develop, construct and operate the PV projects that will use state-of-the-art technology, including tracking systems (the so-called trackers) that allow photovoltaic modules to be moved and positioned at the best angle in relation to the sun. The company Nomad Electric will be responsible for farm productivity, operations and maintenance (O&M).
Meet the criteria for green bonds
The bonds issued meet the criteria for green bonds in accordance with the Green Bond Principles (GBP) developed by the International Capital Market Association (ICMA), including those concerning allocation of the proceeds of the issue to finance investments that have a beneficial impact on the environment by incorporating environmental aspects and ecological considerations in their implementation, thereby promoting sustainable development. Legal advisors were the law firms White&Case and Clifford Chance. (hcn)
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