This is a third agreement between the aforementioned parties for financing a portfolio of photovoltaic projects. The total value of all loans granted to the R.POWER Group by mBank has reached PLN 355 million, the company announced.
Financing for 32 PV installations with 29.4 MW across Poland
The latest round of project financing for the R.POWER Group will be used to build 32 power plants with a total capacity of 29.4 MW across Poland. The energy generated by the portfolio of those plants could cover an electricity demand of over 10,000 households.
Power plants do not cause environmental pollution - what is more, they contribute to the reduction of carbon dioxide (CO2) emissions by about 30 thousand tonnes. That's about as many as 20,000 passenger cars a year.
All projects with bifacial solar panels – secured by auction system
All projects will use bifacial solar panels, which absorb light on both of their sides, making it possible to obtain more energy from a single solar system. The projects were secured by a guarantee of selling energy in an auction system. Construction of new power plants will start later this year, with completion planned for the third quarter of 2021.
R.Power: EUR 120 million financing for solar projects received this year
"In a year, we have obtained funding for solar farm projects amounting to PLN 530 million (app. EUR 120 million), which is record-breaking at the national level. We are glad that mBank - one of the largest entities in the financial sector - has become our partner for the third time. Given the huge potential of the large-scale photovoltaic market, I am convinced that this is not the end of our cooperation" - says Przemek Pieta, founder and CEO of R.POWER.
Mobilise green transformation
"At mBank, we implement sustainable development principles. We want to mobilise for green transformation and we know that investment financing supports this goal” - says Adam Pers, Vice President of Corporate Banking at mBank.
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As part of its strategy to support RES projects adopted a few years ago, mBank has consistently increased its share in financing this type of activities and currently, since March, the funding limit has already reached a record amount of PLN 2 billion.
Portfolio of PV power plants of over 2 GW in Poland
In recent years, R.Power has won solar auctions for a total installed capacity of almost 300 MW. In Poland alone, the company is developing a portfolio of PV power plants of over 2 GW. Abroad, R.POWER has been developing solar projects in Portugal, Italy and Spain. R.POWER operates in the entire value chain on the PV market, developing solar projects, as well as providing management, operation and maintenance (O&M) services for solar farms. (hcn)
Read more: Poland a photovoltaic surprise of Europe
