(BRIEF) The European Bank for Restructuring and Development (EBRD) and Eiffel Investment Group are partnering to promote the progress of solar energy in Poland through a joint loan of €45 million to PL-SUN Sp. z. o. o. This financing will finance the structure of 16 photovoltaic solar plants. plants, contributing to Poland’s green transition goals by generating renewable energy and reducing carbon emissions. This is the EBRD’s first structural bridge loan, demonstrating its commitment to cutting-edge financing in the renewable energy sector. The partnership aims to boost the deployment of renewable energy. in Central and Eastern Europe, giving a significant boost to Lords LB Asset Management’s portfolio of solar projects in Poland and aligning with the country’s strategic green energy goals.
(PRESS RELEASE) LONDON, March 2, 2024 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) and French asset manager Eiffel Investment Group (Eiffel) are supporting solar power generation in Poland by extending a €45 million loan. joint loan agreement with PL-SUN Sp. z. o. o.
PL-SUN Sp. z. o. o is a holding company incorporated in Poland with the aim of building and operating a portfolio of solar power plants. It is owned and operated by a Lithuanian closed-ended investment company, UAB Atsinaujinančios Energeticos Investicijos (AEI), aimed at investments in renewable energy and controlled through Lords LB Asset Management. AEI has recently operated a portfolio of approximately 250 MW in Poland and Lithuania.
The bridge financing loan for structure, which will consist of contributions equivalent to €22. 5 million since its creation, will finance the structure of a portfolio of 16 solar photovoltaic plants with a total installed capacity of 114. 7 MW across Poland. The plants are expected to produce a total of 122. 5 GWh of electricity and save 88,000 tonnes of carbon dioxide emissions per year.
This loan is the EBRD’s first structural bridge loan to date and demonstrates the Bank’s capacity in state-of-the-art financing instruments, both in the Polish market and beyond. Construction bridge loans provide short-term capital for the renewable energy asset structure, helping to address the currency constraints that developers face when financing from institutional investors is limited or unavailable.
This is the first mission to co-finance a new partnership between Eiffel and the EBRD, which aims to boost the green transition in the Bank’s regions. The two establishments signed a Memorandum of Understanding in December 2023 outlining their cooperation to explore a co-investment bridge. financing to boost the deployment of renewable energy resources in Central and Eastern Europe.
Andrius Stonkus, Partner and CIO of Lords LB, said: “This transaction is very important for the progress of Lords LB Asset Management’s solar project portfolio in Poland. I am pleased that this will not only contribute to the progress of our renewable energy infrastructure in Poland. , but it also meets the country’s strategic green energy goals.
Elisabetta Falcetti, EBRD Regional Director for Poland and the Baltics, added: “Unlocking more monetary resources for Poland’s renewable energy sector is very important to achieve the country’s ambitious green transition goals. I am particularly pleased that this first task in the framework of the partnership between the EBRD and Eiffel, thanks to the efforts of the Lords, will increase the renewable energy generation capacity in Poland and the country’s transition to a greener and more sustainable energy model.
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SOURCE: EBRD
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