Business World of Renewable Energy

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Capcora Advises On Bridge Financing: Sunfarming Acquires First Large-scale Project In Poland

Frankfurt am Main, Germany - The Sunfarming Group, based in Erkner, Germany, is expanding its solar portfolio in Poland to approximately 100 MWp with the purchase of a 15 MWp photovoltaic project ready for construction.

Parallel to the acquisition, construction bridge financing has been secured. Construction is scheduled to start in the second quarter of 2022. Capcora, a consulting firm specialized in real assets, acted as financial advisor to procure the bridge financing.

So far, the Sunfarming Group's focus in Poland has been primarily on projects with a nominal output of up to 1 MWp. The site of the current project, which secured a 15-year "contract for difference" in the June 2021 technology-independent tender, is located in the Pomeranian Voivodeship in northern Poland.

The total investment costs amount to almost 11 million euros. Approximately 70 percent of this will be financed by a debt fund. It is planned to replace the bridge financing with long-term project financing after commissioning of the project.

"We are pleased to announce the acquisition and financial close of a new 15 MWp in Poland. The acquisition of this project represents a milestone in two respects - on the one hand, we reach an important target of 100 MWp and, on the other hand, it is our largest single project in Poland to date", said Anna Pilarczyk-Naprawski, Managing Director Poland of Sunfarming Group.

In addition to Capcora as financial advisor, Sunfarming was accompanied in the transaction by Rödl&Partner (M&A, due diligence) and Bird&Bird (financing) as legal advisors.

About the companies

Since its foundation in 2004, Sunfarming GmbH covers the entire value chain of project development and EPC (Engineering, Procurement, Construction). The company 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 company specialized in real assets and raises equity, mezzanine and debt capital for energy and infrastructure projects, real estate and medium-sized companies. In addition, Capcora accompanies acquisition or sales processes as a transaction manager (buy- and sell-side advisory).

Source: IWR Online, 23 Dec 2021