Polish solar firm secures state bank BGK loan

Polish photovoltaic company RPower has signed with Polish State Development Bank (BGK) a loan agreement worth PLN 231mn (EUR 54.17 mln) for solar farms with a combined capacity of 72 MWp, the company announced. This is the third finance loan agreement RPower has signed this year. 

The projects will be set up in various Polish regions within a Power Purchase Agreement (PPA) framework and the farms will be put into operation this year, and serviced by Nomad Electric Services.

“Partnership with a leading financial institution such as the Polish Development Bank”, company co-founder and board member Tomasz Sek said, “will enable us to continue the rapid development of our photovoltaic projects in Poland. 

“The agreement is not only a confirmation of the effectiveness of our strategy, but also a signal that we are on the right track to achieve our ambitious goals of becoming one of the leaders in the Central and Eastern European region,” Sek added.

RPower is also developing PV projects in Romania, Germany, Spain, Portugal and Italy. DLA Piper advised the BGK while RPower’s lawyer was Baker McKenzie.