Green Genius and mBank Close Record-Breaking Deal to Finance 69MW Solar Energy Portfolio
Green Genius, a renewable energy company, and Polish banking group mBank have closed a deal valued at PLN220m (€46m). The funds secured will be used to finance the construction of a portfolio boasting 69MW of solar energy. This makes it the largest agreement between both parties in Poland’s market to date.“We recognize that cross-border cooperation is essential in Europe’s journey towards energy independence, commented Rokas Bancevičius, CFO at Green Genius. This agreement with mBank serves as an important benchmark for us and we are pleased to be able to collaborate with them. Bartlomiej Czuba, Deputy head of Structured and Mezzanine Finance at mBank, noted: As part of our business strategy, funding green technology and the transformation of energy sources is one of our top priorities. Our goal is to set aside up to PLN10bn for sources of renewable energy, electric vehicles and recycling by 2025; this PLN220m loan for the development of solar parks is one of the biggest deals in the Polish market so far – revealing just how seriously we take our green objectives. The fourth solar portfolio announced by Green Genius was last spring, divided into two stages consisting of 66MW and 69MW respectively. The first phase is already under construction while the second phase will be funded through this transaction with mBank. As they have already invested over 1 billion zloty in large-scale solar projects, Green Genius will deliver 263 MW totally across Poland when projects currently being built are included.
Summary
- Green Genius and mBank have agreed on a transaction worth PLN220m (€46m) that will finance the construction of a 69MW solar portfolio.
- mBank 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.
What is the total accumulated capacity of Green Genius solar plants in Poland?
The total accumulated capacity of Green Genius solar plants in Poland is 263MW.You might also like this article: This is the title of test post. Picture source: Chelsea