The SUNfarming group from Germany has secured two new bridging lines with different debt funds. The funds are intended to expand the existing portfolio in Poland in the short term to a total output of approx. 60 mwp.
The two individual transactions are an extension of an existing line and an interim financing for the acquisition and installation of a dedicated portfolio, which has been implemented with a new partner.
EUR 12 million will be used to finance the construction of 17 MWp of new photovoltaic projects in Poland, which have already been awarded a contract from the 2018 auction and are to be built and connected to the grid by April 2020. An existing funding line was increased from EUR 20 million to EUR 25 million. This now revolving credit line is available to the SUNfarming Group for approx. 3 years and is an essential building block for the realization of new projects and thus for further growth in Poland.
"With the conclusion of these two new facilities, we want to continue our growth after a successful year in 2018 and significantly increase our Polish portfolio to at least 150 MWp over the next two years", says Martin Tauschke, Managing Director and co-shareholder of the SUNfarming Group.
The Polish government recently extended the completion deadline for projects from the 2018 auction to November 2020, which has increased the likelihood of realization of many projects. In addition, a further PV auction will take place in December 2019 with a tender volume of 750 MW of solar capacity. According to current statistics, about 1 GWp is installed in the Polish market, of which about 500 MW are outdoor projects in the auction.
With 46 MW of projects already installed and after completion of projects under construction, SUNfarming has a market share of nearly 10% of realized auction projects in Poland.