January 2 (Renewables Now) - Solar investor Claritas Poland Energy BV has secured bridge financing to build 24 MWp of solar photovoltaic (PV) parks in Poland, planning to bring them online later this year.
The financing deal was announced on Tuesday by real estate-focused consultancy Capcora, which served as Claritas’ financial advisor in sourcing and structuring the EUR-12.5-million (USD 14m) debt facility.
The fresh funds will allow Claritas to back the construction of 25 solar projects of up to 1 MW each that it won in an auction held in November 2018. The developer has already started building the power plants and expects to switch them on by the first quarter of 2020 ahead of the commissioning deadline, which was earlier this year extended to November 2020. They will operate 15-year contracts under Poland's Contract for Difference scheme.
"Bridge financing is a core element in our business strategy and enables us to fund the construction while optimizing the exit channels in parallel," said Bekir Sami Acar, managing director of Claritas Investments.
Claritas Poland is a joint venture of cleantech investment platform Claritas Investments BV and renewables and real estate developer PADRES Sp zoo.
(EUR 1.0 = USD 1.122)