SUNfarming Reaches Financial Close On Project Financing For 26 MWp PV Portfolio In Poland
SUNfarming secures project financing from ING for Poland Capcora
SUNfarming achieved closing on the first tranche under a framework term loan and VAT facility in an amount of approx.
PLN 116 m provided by ING Bank Śląski S.A. The 15 years non-recourse loan is dedicated to refinance a portfolio of CfD awarded solar PV projects with 26 MWp in Poland. Financial close on the first tranche in an amount of PLN 45m was reached by 30th December 2020, the loan agreement was already signed in November 2020. Capcora assisted SUNfarming as financial advisor.
The projects are part of SUNfarming‘s growing IPP portfolio which has already reached a size of around 50 MWp. The financing represents one of the first long-term project financing for SUNfarming in Poland. Construction has been financed separately by equity and short-term bridge debt which will be refinanced with the new funds.
The transaction involved 26 projects held in 16 SPVs and was paid out at the level of a Polish HoldCo. The nature of the small-scale assets significantly increased the complexity of the process and documentation.
„We are happy to have reached our first financial close on a long-term project financing in Poland which is a key element for our further growth strategy in the market. We are looking forward to accelerate our Polish activities with strong and reputable bank partners such as ING bank.“, said Martin Tauschke, managing director and co-partner of SUNfarming Group.
ING was advised by Allen & Overy as legal advisor and UL as technical advisor.
SUNfarming was advised by Luther (documentation), Rödl&Partner (due diligence, tax) and Capcora as financial advisor.