Magnolia Energy – a special purpose vehicle of Budimex established to implement a project to build a wind farm consisting of 2 turbines with a total capacity of up to 7 MW – concluded a loan agreement worth PLN 45.3 million with Bank Gospodarstwa Krajowego (BGK), Budimex reported. The financing is based on a long-term electricity purchase agreement (PPA).
“Budimex cooperates with Bank Gospodarstwa Krajowego on a daily basis in our core business and we are happy that we can extend this cooperation to the area of RES” – said the director of the Budimex Financial Management Office, Zbigniew Kamecki, quoted in the release.
“In 2021, we decided to take advantage of our investment opportunities and look for utility-scale renewable projects. At the beginning of 2022, we acquired the first RTB (Ready-To-Build) onshore wind project called Magnolia in Wielkopolska. By the end of 2022, we have expanded our portfolio with another project: a photovoltaic farm,” emphasized the director of investment and development of Budimex and member of the board of Magnolia Energy Adam Skwarski.
Budimex has been listed on the Warsaw Stock Exchange since 1995. Its strategic investor is the Spanish company Ferrovial. In 2021, it had PLN 7.91 billion in consolidated revenue.