Polish Energy Firm R Power Secures €30m Financing Agreement

Poland-based solar developer R Power signed a €30m loan agreement with Eiffel Investment Group to facilitate the establishment of R Power’s solar projects across Europe.

The loan was approved from bridge financing funds taken care of by the French investor for a time span of up to 18 months. The agreement also entails an option to augment the finance amount to €40m.

The funds raised will be employed towards financing the establishment of the firm’s  PV projects in the European countries of Portugal, Italy and Poland.

R Power Group Chief Executive Officer Przemek Pięta stated, “In a few years we would like to be at the top of independent energy producers in Europe. The financing agreement with Eiffel Investment Group is another big step in our international development. Importantly, this is the first financing of the R. Power Group in euros and, thanks to the natural hedging, allows us to reduce the exchange rate risk.”

Eiffel Investment Group Head of infrastructure Pierre-Antoine Machelon added, “We are very happy to support R.Power Group’s acceleration and development by financing its renewable energy projects in Poland and other European geographies. Providing financing for renewable energy projects in these European markets is key to making the energy transition seamless across Europe.”

R Power claims to have more than 250 projects in its kitty currently with a cumulative capacity of 672 MWp that is constructed or under construction. It has another 672 MWp in its O&M portfolio. The firm has won 592 MWp worth of capacity in auctions.