Solar investor Claritas Poland Energy BV secured a bridge financing facility for a bundle of 13 projects located in Poland. Capcora, a consulting firm specialized on real assets which has already accompanied similar transactions, has been mandated as a financial advisor with the structuring and debt sourcing.
The portfolio consists of 13 photovoltaic ground mounted systems with a capacity up to 1 MW each. All plants are already grid connected and in operation. They will benefit from a 15-year "contract for difference" which will secure a fixed feed-in-tariff for each produced kWh by paying the difference to merchant pricing.
The bridge facility is set up as a bearer bond and issued by a Dutch subsidiary of Claritas Investments BV. As security the Polish SPVs are pledged.
"Thanks to Capcora, we could find a quick and good fit solution for our first group of projects in Poland. We successfully optimized the capital structure of the group as well as reallocated the equity into new projects." said Bekir Sami Acar, Managing Director of Claritas Investments. "This was an important milestone and a further proof of concept for our Polish PV business. We'll use the freed-up sources to further develop our project portfolio." quoted Mariusz Adamczewski, Managing Director of Claritas Poland Energy BV.
"We are happy that we can apply our experiences in this market for more and more customers. It was a pleasure to collaborate with the Claritas team. Our aim is to enable more developers to accelerate their efforts to develop and realize PV and Wind Projects. It is still a long way to 100 % Renewable Energy", explains Jochen Magerfleisch, Managing Partner at Capcora
About Claritas Poland BV
CLARITAS POLAND is a JV of Claritas Investments BV and PADRES Spzoo.
- Claritas Investments is a private equity backed cleantech investment platform developing projects across CEE region. (www.claritas-investment.com)
- PADRES is a well-reputed developer in Poland with several years of track record in the renewable and real estate space.
With its strong local presence, CLARITAS POLAND originates early-stage projects from the fragmented market and turns them into high-quality investable assets for institutional investors. CLARITAS POLAND currently holds a portfolio over 50 MW under-construction and ready-to-build solar projects and another 150 MW under development for the next auctions.
Capcora is a consulting firm, specialized on real assets. Capcora procures equity, mezzanine and debt financing for energy and infrastructure projects, real estate, and medium-sized companies. The focus is especially on mezzanine financing for the recapitalization of tied-up liquidity in operating assets as well as for bridge financing of developments and construction measures in the area of renewable energies (photovoltaics, onshore wind) and real estate through alternative financing sources.
In addition, Capcora acts as transaction manager for M&A processes (buy and sell side advisory).
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