NORD/LB, a leading energy transition bank, has announced €109m in financing across separate transactions for two large-scale solar farm portfolios in Poland being developed by GoldenPeaks Capital, one of the fastest-growing independent producers of green energy in Europe.
GoldenPeaks Capital develops 177MW solar portfolios
€109m financing – €66m for KAMI 2 and €43m for KAMI 3 – will fund the construction phase of 100 solar farms, set for operations in Q4 2024
GoldenPeaks Capital enters into a 10-year Power Purchase Agreement (PPA) with Google
The two portfolios consist of over 100 solar farms with a combined capacity of 177MW. The carbon-free electricity generated by the two portfolios can meet the energy needs of more than 12,000 households.
The projects are in various stages of construction and scheduled to go into operation by Q4 2024. GoldenPeaks Capital has entered into a 10-year PPA with Google helping the tech company to reach its ambitious carbon reduction targets by purchasing the energy generated from the solar farms.
“The financing of sustainable projects of this kind is of great importance to NORD/LB. This deal is our biggest in Poland to date and marks the start of an exciting partnership with GoldenPeaks Capital, a company at the forefront of the renewable energy transition in Europe,” said Heiko Ludwig, Global Head of Structured Finance at NORD/LB. “The solar farms will play a pivotal role in advancing the renewable energy transition in Poland, and we’re thrilled to support GoldenPeaks Capital on this important project.”
“NORD/LB was the perfect fit as financing partner for this Polish solar portfolio,” said Daniel Tain, Founder & President of GoldenPeaks Capital. “From the start, they understood the intricacies of the project and provided us with a tailor-made financing structure that ensures the smooth development and financial viability of our project ambitions.”
Tomasz Kawczynski, Partner at A&O Shearman, NORD/LB’s legal adviser on the deal, added: “We are delighted to have assisted NORD/LB on this important solar farm project. The deal cements A&O Shearman’s position as a leading legal advisor in the growing renewable energy sector in Poland and the broader CEE.”
Piotr Nerwinski, Partner at Dentons, GoldenPeaks Capital’s legal adviser on the deal, commented: “We are truly happy and privileged to have advised GoldenPeaks Capital on obtaining financing for another large-scale solar farms project. Assisting GoldenPeaks Capital throughout their journey of expanding Poland’s renewable energy sources has been immensely satisfying and we look forward to working together on their future sustainable projects.”
Poland’s renewable energy industry has undergone significant change over the last few years, driven by the government’s flagship “Energy Policy of Poland until 2040" (EPP2040), announced in 2021, and based on innovation, sustainable economic growth, increased efficiency, and competition. The policy aims to achieve a 32% share of electricity generation from renewable energy sources by 2030, guiding the country towards meeting broader EU climate and energy targets.
