Project Financing Secured: Capcora Assists Goldbeck Solar With Largest Solar Project In Poland
Frankfurt am Main, Germany - With total costs of almost 200 million euros and a planned output of 286 MWp, the Zwartowo solar park is the largest photovoltaic project in Poland to date. German EPC company Goldbeck Solar and Polish electricity supplier Respect Energy SA have now secured project financing for the large-scale project in the north of the country.
Capcora, a consulting firm based in Frankfurt, acted as the exclusive financial advisor and was responsible for the bank selection process and coordination of the financing process.
Groundbreaking for the project took place in early 2021, and phase I of the solar park, located approximately 65 km northwest of Gdansk, is now nearing completion - with the first construction phase scheduled to go online in June 2022. Once the entire project is commissioned, the Zwartowo solar park is expected to mathematically supply around 153,000 households with solar power and contribute to the achievement of Poland's climate protection targets.
"For the Polish market, the financing is an enormously important milestone, as it is the largest financing of a single photovoltaic project in the country," said Olga Kovalchuk, head of project financing at Goldbeck Solar. Despite all odds, construction is progressing on schedule. "Given the ongoing disruption of supply chains, the covid pandemic and war in Ukraine, this is a significant achievement," adds Goldbeck CEO Joachim Goldbeck.
"We are proud to have supported Goldbeck Solar on this flagship project. This project sets new standards in the Polish financing market. The sheer size of the individual project combined with financing aligned with an intelligent mix of CfD, PPA and merchant revenues make this transaction unique," said Alexander Enrique Kuhn, Managing Partner at Capcora.
On the legal side, Goldbeck Solar was advised by Norton Rose Fulbright, while the lenders worked with Dentons on both documentation and legal due diligence. Natural Power acted as technical advisor to the lenders.
Source: IWR Online, 17 May 2022