Green Genius finances 69MW Polish solar buildout

Renewable energy company Green Genius and Polish banking Group mBank have agreed on a transaction worth PLN220m (€46m) that will finance the construction of a 69MW solar portfolio.

This is the largest Green Genius deal in Poland’s market so far.

“In Europe’s course of energy independence, cross-border cooperation is inevitable,” said Rokas Bancevičius, CFO at Green Genius, adding: “It is an important milestone for us in Poland and we’re delighted to have this experience in cooperation with the bank.”

Bartlomiej Czuba, Deputy head of Structured and Mezzanine Finance at mBank, said: “The financing of green sectors and energy transformation is one of the pillars of mBank’s strategy.

“By 2025, we intend to earmark as much as PLN10bn for the financing of RES, electromobility and recycling.

“Our PLN220m loan for the construction of solar farms is one of the largest transactions of this type on the Polish market, which shows how determined we are to achieve green objectives.”

Green Genius has announced its fourth solar portfolio in Poland last spring.

The first milestone of the portfolio, comprising 66MW of projects, is already under construction.

The second milestone of the 69MW of solar projects will be financed based on the transaction with mBank, which has already invested PLN1bn in large-scale solar projects.

Green Genius has already built three solar plants in Poland with a total accumulated 128MW capacity.

Including projects under construction, Green Genius will deliver 263MW in Poland.