Capcora Advises: SIG Secures Bridge Financing For 29 MW PV Portfolio in Poland
Frankfurt am Main, Germany - The Polish Sun Investment Group (“SIG”), a vertically integrated European renewable energy company, has secured a bridge financing facility of EUR 16 million from an international debt fund.
The PV portfolio consists of a total of 25 projects in a capacity range between 1 MWp and 4 MWp, some of which are equipped with tracker systems. The locations of the plants, which will initially be operated and marketed on a merchant basis, are spread across Poland. SIG reserves the option to sell the electricity generated in the future via a power purchase agreement (PPA). All 25 individual photovoltaic projects are expected to be completed by the end of 2024.
“The bridge financing landscape in Poland continues to be dominated by debt funds, making it crucial for us to forge new relationships to secure the necessary funding for the construction of our projects, even in the absence of secured offtake via PPAs, which allows SIG more flexibility in the current selling process of these assets,” said SIG CEO Deividas Varabauskas.
The facility has been raised at HoldCo level and is intended for construction and the first years of operation.
SIG was advised by TGS Baltic and Ontier Spain as legal advisors and Capcora as financial advisor.
About the companies
Active on the market since 2017, the SIG group of companies employs more than 100 professionals in Europe (Poland, Italy, Spain and Lithuania). The SIG portfolio currently includes assets with a capacity of more than 3,000 MW (3 GW), of which almost 300 MW are ready-to-build projects. To date, SIG has developed, built and sold more than 200 MW of solar power plants in the UK, Poland and Lithuania. The company is currently embarking on the construction of over 60 MW of solar power plants in Poland, which will be sold to third parties.
Capcora is an independent advisory firm specializing in M&A and project finance services. Founded in 2015 and based in Frankfurt am Main, the company supports its clients in the renewable energy and infrastructure sectors in sell-side and buy-side M&A transactions as well as in the procurement of mezzanine, unitranche and senior financing.
Source: IWR Online, 28 Aug 2024
