PAD RES Group, a Polish renewable energy developer and investor, has secured financing totaling PLN 637 million, provided by Santander Bank Polska, Bank Millennium and UniCredit. The funds will be used to refinance incurred capital expenditures and to finance the ongoing operations of nine photovoltaic farms with a combined installed capacity of 310 MW.
The installations are located in north-western Poland. The vast majority of the PV farms reached commercial operation date (COD) prior to the closing of the transaction.
“The involvement of all three financial institutions allowed us to successfully close a transaction that is of key importance for the further development of the PAD RES Group. The financing, provided to five special purpose vehicles within the Group, covers both the refinancing of capital expenditures already incurred and support for the ongoing operational activities of the projects. This is an important step that strengthens the stability of our portfolio and enables the implementation of further renewable energy investments in Poland,” said Michał Pryca, CFO of PAD RES.
The total annual production capacity of all installations amounts to approximately 329,000 MWh. The PV farms covered by the agreement will be able to meet the electricity demand of nearly 110,000 households.
“The financing obtained will support the operational performance of the 310 MW segment of our portfolio, enabling the continued efficient management of projects that we have been consistently developing on the Polish market for many years. As a company operating in Poland since 2010, we see the growing importance of stable financing for the renewable energy sector and are pleased that additional financial institutions recognize the potential of modern energy solutions and support their development in the country,” commented Karolina Goździk, Deputy Head of Legal at PAD RES.
