Press releases

Frankfurt am Main, 16.05.2024

SUNfarming, a leading German IPP, has secured a senior term loan facility in an amount of PLN 118 million to refinance a portfolio of solar PV projects with a combined capacity of 40 MWp located in various regions of Poland. The project's revenues are hedged through a 15-year Contract for Difference (CfD). The financing package was provided by PKO Bank Polski. Capcora, a German consulting company, acted as the exclusive financial advisor to SUNfarming.

The “Nova” portfolio consists of 43 individual solar projects, with an average size of 1 MWp, spread across Poland. The construction process of the portfolio will be completed by the end of this year. During its operational phase the portfolio will benefit from a long-term CfD secured in the 2020 solar auction held by URE.

SUNfarming, a Germany-based IPP, has a distinguished history and is a frontrunner in the Polish Solar market. Poland constitutes their second-largest market, with SUNfarming owning a portfolio of 140 MWp of operational and RTB solar projects in this country.

„We're delighted to have achieved financial close on a long-term project financing arrangement for a substantial portion of our Polish portfolio. This milestone is integral to our continued growth strategy in the market, and we eagerly anticipate intensifying our activities in Poland alongside our esteemed banking partners, including the leading commercial bank, PKO Bank Polski.“, said Martin Tauschke, managing director and co-partner of SUNfarming Group.

“PKO Bank Polski is the leader in financing the green transformation in Poland. We are proud to support SUNfarming in the implementation of renewable energy projects. Thanks to such investments, the share of renewable energy in the national energy mix will increase, which is beneficial for both the environment and the economy. Our role as a leader in the banking sector is to financially support the energy system transformation, which still requires large investments. This is one of the elements of PKO Bank Polski's strategy that we focus on,” emphasized Marcin Majewski, Head of Corporate Client and Enterprise Relations Division at PKO Bank Polski.

"We are delighted to continue backing our trusted client, SUNfarming, as they secure an attractive debt package and onboard another strategic partner to fuel their growth. This demonstrates our unwavering dedication to cultivating enduring partnerships while continuously providing value. ", explains Bartek Hofman, Director at Capcora and head of the Polish branch.

PKO Bank Polski was advised by Norton Rose Fulbright as legal advisor and UL as technical advisor. SUNfarming was advised by Rödl & Partner and Bird & Bird as legal advisors and Capcora as financial advisor.

About SUNfarming:

Since the company was founded in 2004, SUNfarming GmbH has covered the entire project development and EPC (Engineering, Procurement, Construction) value chain: starting with planning, development and financing, through construction to monitoring and maintenance of solar parks and related concepts such as Agri-Photovoltaics. The company has a long-standing customer structure of capital investors, municipalities, users of commercial and private own power plants as well as sister companies of SUNfarming Group investing in solar plants. The international team of experienced businessmen, engineers and technicians has already successfully realized a plant output of approx. 750 MWp. For more than 350 MWp in Germany and abroad SUNfarming takes over the technical management. www.sunfarming.de

About PKO Bank Polski:

PKO Bank Polish is the undisputed leader of the Polish banking sector, and the value of its assets at 31 March 2024 reached PLN 497 billion. The net profit of the PKO Bank Polski Group in the first quarter of 2024 amounted to PLN 2 billion. The company serves 12 million customers. It is the primary provider of financial services for all customer segments, achieving the highest market shares in deposits, loans and in the market of investment funds of individuals. Thanks to the development of digital tools, including the IKO application, which has been activated by customers 8 million times, PKO Bank Polish is the most mobile bank in Poland. www.pkobp.pl

About Capcora:

Capcora is an independent financial advisory boutique specializing in M&A and project finance services to accelerate the energy transition in Europe. Founded in 2015, the Frankfurt-based company helps its clients succeed in the renewable energy and infrastructure sectors by advising them on sell-side and buy-side transactions, and by raising mezzanine, unitranche or senior debt.