It is also the second club deal together with Siemens Bank, with BayernLB acting as mandated lead arranger, facility agent, security agent and hedging bank. The transaction is structured as a green loan according to the LMA Green Loan Principles. Project ‘Alpha’ involves the development, construction and management of a green field portfolio of solar plants with a total capacity of 86 MW across Poland. As with the first project ‘Bravo’ bifacial solar modules will be used, promising an annual increase in energy output of around 5%.
The financing agreement was concluded in mid-August 2021 and includes a commercial tranche in zloty as well as a KfW development loan, which supports investments in renewable energies. All plants received a contract for difference (CfD) at the Polish energy auction in December 2020. Through CfDs, the Renewable Energy Sources (RES) program guarantees prices for an annual production profile over a 15-year period.
The government support program is expected to significantly increase the share of emission-free, green energy sources in Poland. This step is important in order to achieve the climate targets set by the EU for the year 2030. Currently, around 75 percent of electricity in Poland is still generated from conventional sources - primarily coal.
Daniel Tain, Founder & President of GoldenPeaks Capital commented: “GoldenPeaks Capital has now established itself as one of the leading players in the rapidly expanding Polish solar market, and we are grateful to have BayernLB’s deep domain expertise and ongoing support throughout. There is an exciting future for the Polish market and we intend to play an integral part in its continued development.”
Karin Schramm, Sector Head Renewables at BayernLB, said: "We are pleased to continue our successful cooperation with GoldenPeaks Capital with this transaction, and to once again demonstrate our expertise as a financier in the renewable energy sector. After successfully closing project ‘Bravo’, the realization of project ‘Alpha’ is another step towards a climate-friendly energy production in a promising market."
GoldenPeaks Capital is an international investor focused on renewable energy and real estate. The family office, based in Switzerland, is building a strong pipeline of new projects in Poland.