BayernLB acted as MLA, lender and hedging bank in the financing of a club deal for Project 'BRAVO' – which comprises the development, construction, and operation of a green-field portfolio of small-scale solar plants with a total capacity of 86MW located in various locations across Poland. It is the first project for BayernLB in which PV plants will use bi-facial solar modules, a move which is expected to increase the annual energy output by around 5%.
The transaction reached financial close in December 2020 and includes a long-term zloty tranche and a fixed-rate euro tranche under the KfW Kredit 270 lending programme, which supports investments in renewable energies. All plants were awarded Contracts for Difference (CfD) in the Polish energy auction in December 2019. The Polish Renewable Energy Sources (“RES”) regime provides via CfDs a guaranteed price for an annual production profile for a 15-year period submitted in the auction.
The Polish governmental support scheme helps the country on its way to substantially increasing its emissions-free, green energy sources, thereby bringing the EU closer to its climate emissions targets set for the year 2030. This is particularly significant as around 80 percent of Poland’s energy is currently generated from conventional sources, mainly coal.
Daniel Tain, President of GoldenPeaks Capital commented: “The “Bravo” project financing with BayernLB was a key strategic step for GoldenPeaks Capital in the Polish renewable energy market and part of an accelerated growth plan for the Group in Europe. Our successful relationship with BayernLB has enabled us to cement our position as one of the leaders in the Polish solar market.”
Christoph Fischer, BayernLB’s Division Head Energy & Mobility, adds: “This is another milestone in the Polish renewables market, which broadens our track record as a leading financier of renewable energy in Poland. We’re happy to have contributed to such a successful transaction with a sophisticated structure and a tight timeline.”
GoldenPeaks Capital is an international investor primarily active in the renewable energy and real estate sectors. Headquartered in Switzerland, the group is building up a strong pipeline of new projects in Poland. GoldenPeaks Capital and BayernLB look forward to further collaboration on the promising opportunities ahead.