SUNfarming Group from Erkner has secured two new bridge financing facilities from various debt funds. The funds will be used to expand the existing portfolio in Poland to a total capacity of approx. 60 MWp in the short term. The consulting firm Capcora again was mandated to accompany the financing processes as an exclusive financial advisor.
The two individual transactions are an extension of an existing facility and a bridge financing for acquisition and installation of a dedicated portfolio, which was implemented with a new partner.
EUR 12 million will be used to finance the construction of 17 MWp of new photovoltaic projects in Poland, which have been awarded with a CfD in the 2018 auction and are to be built and connected to the grid by April 2020. Another existing financing scheme was increased from EUR 20 million to EUR 25 million. This revolving credit facility is made available to SUNfarming Group for approx. 3 years and is an essential key factor for the realisation of new projects and for further growth in Poland.
"With the conclusion of these two new facilities, we will continue our growth after a successful year 2018 and significantly increase the Polish portfolio to at least 150 MWp over the next two years," says Martin Tauschke, Managing Director and Co-Owner of SUNfarming Group.
The Polish government recently extended the deadline for the completion of projects from the 2018 auction to November 2020, which has increased the probability of realisation of many projects. Another PV auction with a tender volume of 750 MW of solar capacity will take place in December 2019. According to current statistics, there are approx. 1 GWp installed in the Polish market, of which approx. 500 MW are free-field projects within the scope of the auction. With the already installed capacity and after completion of the projects under construction of 46 MW, SUNfarming has a market share of almost 10% of realized auction projects in Poland.
Since its incorporation in 2004, SUNfarming GmbH has covered the entire project development and EPC value chain (engineering, procurement, construction) - from planning and development, through financing and construction, to monitoring and servicing of solar parks and associated concepts such as agro-photovoltaic and e-mobility. The company has a long-standing customer base of capital investors, local authorities, users of commercial and private in-house electricity generation systems, as well as sister companies within the group of companies which invest in solar plants.
The international team of experienced commercial staff, engineers and technicians has successfully installed a capacity of more than 600 MWp. In addition, SUNfarming assumes the technical operation and some of the commercial services for over 320 MWp for other companies in Germany and abroad.
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.
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