The international Modus Group and Poland’s mBank have signed a €10 million loan to finance solar power projects in Poland. The deal is the largest signed for solar projects in the country and the funds cover completion of a 20 MW solar power portfolio secured in Polish renewable energy auctions.
Green Genius, part of the Modus Group, is completing a 50 MW PV plant portfolio in Poland.
“Our expertise, experience and knowledge in renewable energy projects, and our strong track record helps us attract project financing in various markets,” said Modus Group board member Ruslanas Sklepovičius. “We have ambitious goals in Poland and we are happy to work with mBank towards those goals.”
He added, Poland offers a favorable regulatory framework and business environment. There is still plenty of growth potential in the solar energy sector in Poland.
The total capacity of solar plants in Poland is expected to reach 1 GW next year. Poland has already held feed-in-tariff auctions for projects which are set to deliver 800 MW of solar capacity and the projects completed by Green Genius will constitute more than 10% of that expected capacity.
“The renewable energy sector in Poland is currently one of the most dynamic and attractive in Europe,” said mBank’s Bartłomiej Czuba. “We support investments in this sector. In December last year, we adopted new policy concerning wind farms and photovoltaics lending. Initially, we will provide [around] €120 million for investments contributing to the area of renewable energy. Green Genius has a strong track record in completing solar projects in different countries, giving us comfort in this cooperation.”
MBank is owned by Germany’s Commerzbank. The €10 million loan was granted on a project finance basis.
Sklepovičius said the renewable energy companies managed by Modus Group have grown rapidly over the last few years. Green Genius is responsible for solar energy projects and Modus Energy develops and executes biogas plants.
Green Genius develops solar energy projects across several European countries, including a 35 MW solar park in Ukraine due to be completed this year, and an extensive pipeline of large-scale solar projects in Spain and Italy.