Financing Without PPA: Suncatcher Secures Bridge Financing For PV Projects in Germany And Poland

Frankfurt am Main, Germany - Suncatcher Group has successfully secured bridge financing for two large-scale photovoltaic (PV) projects with a total capacity of 111 MW in Germany and Poland. The financing was provided by the investment and management platform Qualitas Energy and represents its debut in merchant financing, a form of financing that does not require long-term purchase agreements.

The portfolio comprises an 83 MW ground-mounted solar project in Germany and a 28 MW project in Poland. Both plants are already under construction and are characterized by the fact that they are to be operated without long-term power purchase agreements (PPAs). Such financing is still an exception in both countries, which underlines the innovative structure and execution of this transaction.

Suncatcher, which specializes in the development, construction and operation of PV systems and battery storage projects, sees the secured financing as a decisive step towards accelerating the expansion of renewable energy infrastructure in Germany and Poland. “Securing this interim financing is a decisive step for our work in both countries. Both projects are well on their way to becoming among the largest unsubsidized solar projects in active commercialization. We are grateful for the institutional support provided by this customized financing structure designed specifically for our projects,” said Jurek Meemken, Managing Director of Suncatcher.

Qualitas Energy, a leading investor in the renewable energy sector, emphasizes that this financing is an important contribution to closing the financing gap in the industry. “ his transaction highlights our commitment to enabling renewable energy infrastructure across Europe, particularly for fully merchant projects, which are at the forefront of innovation,” said Severin Hiller and José María Arzac, Partners at Qualitas Energy.

Capcora, which acted as financial advisor on the transaction, emphasizes that the financing reflects the growing confidence in renewable energy infrastructure, even for projects without long-term offtake agreements. “By structuring a tailored bridge-to-sale financing solution, we enabled SUNCATCHER to proceed with construction while maintaining flexibility for future commercialization strategies,” said Bernhard Hofmann, Director at Capcora.

Source: IWR Online, 07 Feb 2025