Advises Bank Millennium on the refinancing of a 60.45 MWp solar power portfolio, sponsored by PAD RES Group, in Poland.
Poland's Renewable Energy Sector Gets a Boost with PAD RES Group's Refinancing Deal
In a significant move for the renewable energy sector in Poland, the PAD RES Group, a joint venture between Griffin Capital Partners and Kajima Europe, has successfully refinanced 13 operational photovoltaic (PV) projects with a total capacity of 60.45 MW. The refinancing deal, worth approximately EUR 25 million (approx. PLN 107.1 million), was secured with the help of Bank Millennium [1][2][4].
The PAD RES Group, a Polish renewable energy developer and investor, specialises in large-scale solar, wind, energy storage, and biogas projects. With a portfolio grid capacity of about 1 GW, the company has been at the forefront of clean energy investments in Poland since its establishment in 2010 [1].
Bank Millennium, the financial institution providing the refinancing loan, played a crucial role in supporting the operational phase of the 13 solar farms. This move not only enhances the green finance environment in Poland but also underscores the growing confidence in the country's renewable energy market [1][2][4].
Norton Rose Fulbright, a global legal practice, assisted Bank Millennium in the refinancing transaction. The smooth execution of the deal is a testament to the positive contribution it makes to Poland's energy transition goals [1].
The refinancing transaction has several implications for the renewable energy sector in Poland. It reinforces the financial stability and long-term viability of operational PV projects, attracting further investments [1]. Furthermore, it signals the growing confidence and maturity in the Polish solar energy market, reflecting the sector's resilience and contribution to the country's energy transition and sustainability objectives [1].
The refinancing will enable PAD RES to continue expanding its renewable portfolio, which includes solar and wind projects at various development stages, as well as other clean energy technologies like energy storage and biogas [1]. This will undoubtedly contribute to Poland's transition to renewable energy.
The financing includes the refinancing of incurred capital expenditures and support for the ongoing operational activities of the projects. All 13 PV projects are already operational and generating electricity across seven voivodeships in Poland [1].
The PAD RES Group manages operating projects as an Independent Power Producer (IPP). The company plans to focus on further expansion of its portfolio, reflecting the continued appetite of financial institutions to back clean energy investments in Poland [1].
The refinancing transaction highlights the maturity and growing confidence in the Polish PV market. With total secured grid connection capacity of the projects in the PAD RES Group's portfolio amounting to 1 GW, the future of renewable energy in Poland looks promising [1].
References: [1] PAD RES Group Press Release, Refinancing of PAD RES Group’s PV Projects in Poland, 13 July 2021. [Online]. Available: https://www.padresgroup.com/news/refinancing-of-pad-res-groups-pv-projects-in-poland/ [Accessed 14 July 2021]. [2] Bank Millennium Press Release, Bank Millennium finances PAD RES Group's PV projects in Poland, 13 July 2021. [Online]. Available: https://www.bankmillennium.pl/en/news/bank-millennium-finances-pad-res-groups-pv-projects-in-poland/ [Accessed 14 July 2021]. [4] Norton Rose Fulbright Press Release, Norton Rose Fulbright advises Bank Millennium on PAD RES Group's PV projects refinancing, 13 July 2021. [Online]. Available: https://www.nortonrosefulbright.com/en-gb/news/norton-rose-fulbright-advises-bank-millennium-on-pad-res-groups-pv-projects-refinancing [Accessed 14 July 2021].
The refinancing deal, secured by Bank Millennium, is a significant step in the green finance environment in Poland, particularly in the renewable energy sector. This move underscores the growing interest and confidence in the Polish renewable energy market, as the finance sector continues to support clean energy investments.
