Publisher: Capcora GmbH
SUNfarming reaches financial close on project financing for 26 MWp PV Portfolio in Poland
SUNfarming secures project financing from ING for Poland
© CapcoraFrankfurt am Main (renewablepress) - SUNfarming achieved closing on the first tranche under a framework term loan and VAT facility in an amount of approx. PLN 116 m provided by ING Bank Śląski S.A. The 15 years non-recourse loan is dedicated to refinance a portfolio of CfD awarded solar PV projects with 26 MWp in Poland. Financial close on the first tranche in an amount of PLN 45m was reached by 30th December 2020, the loan agreement was already signed in November 2020. Capcora assisted SUNfarming as financial advisor.
The projects are part of SUNfarming‘s growing IPP portfolio which has already reached a size of around 50 MWp. The financing represents one of the first long-term project financing for SUNfarming in Poland. Construction has been financed separately by equity and short-term bridge debt which will be refinanced with the new funds.
The transaction involved 26 projects held in 16 SPVs and was paid out at the level of a Polish HoldCo. The nature of the small-scale assets significantly increased the complexity of the process and documentation.
„We are happy to have reached our first financial close on a long-term project financing in Poland which is a key element for our further growth strategy in the market. We are looking forward to accelerate our Polish activities with strong and reputable bank partners such as ING bank.“, said Martin Tauschke, managing director and co-partner of SUNfarming Group.
ING was advised by Allen & Overy as legal advisor and UL as technical advisor. SUNfarming was advised by Luther (documentation), Rödl&Partner (due diligence, tax) and Capcora as financial advisor.
Since its incorporation in 2004, SUNfarming GmbH has covered the entire project development and EPC value chain (engineering, procurement, construction) – from planning and development, through financing and construction, to monitoring and servicing of solar parks and associated concepts such as agro-photovoltaic and e-mobility. The company has a long-standing customer base of capital investors, local authorities, users of commercial and private in-house electricity generation systems, as well as sister companies within the group of companies which invest in solar plants. The international team of experienced commercial staff, engineers and technicians has successfully installed a capacity of more than 650 MWp. In addition, SUNfarming assumes the technical operation and some of the commercial services for over 350 MWp for other companies in Germany and abroad.
Capcora is a consulting firm, specialized on real assets. Capcora procures equity, mezzanine and debt financing for energy and infrastructure projects, real estate, and medium sized companies. The focus is especially on mezzanine financing for the recapitalization of tied-up liquidity in operating assets as well as for bridge financing of developments and construction measures in the area of renewable energies (photovoltaics, onshore wind) and real estate through alternative financing sources.
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Caption: SUNfarming secures project financing from ING for Poland
Frankfurt am Main, 05 January 2021
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