Polish developer announces €225m green bond plan

The first batch of five-year investments, offered through German-owned Polish lender Mbank, will raise money to expand a solar portfolio R.Power claims already stretches to more than 4 GWp in its domestic market.

Polish solar developer R.Power has launched the initial PLN150 million (€33.6 million) green bond of a planned PLN1 billion €224 million series.

The renewables company today said the five-year bond would be offered on the Warsaw Stock Exchange via Polish lender Mbank, which is owned by partially state-owned German financier Commerzbank.

A press release issued by the solar company – which operates in Italy, Portugal and Spain as well as its domestic market – said the proceeds of the green bond series will be used to buy and develop solar plants in Europe.

Quoted in the company statement, R.Power chief executive and co-founder Przemek Pięta said the business was particularly seeking ‘ready-to-build’ PV projects.

“As one of the most experienced solar farm developers in Poland, we believe that we have the experience and resources needed to deliver projects across Europe,” said Pięta. “The funds raised will allow us to build our own portfolio of generation assets from both our own development as well as M&A [merger and acquisition] transactions.”

R.Power claims to have a solar development pipeline of more than 4 GWp in Poland.

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