CLARITAS secured a bridge financing facility of EUR 5.5 million from a European infrastructure fund for constructing 8.9 MW of solar projects in Poland.
The portfolio consists of 13 photovoltaic ground-mounted systems with a capacity up to 1 MW each. All plants are already grid connected and in operation. They will benefit from a 15-year “Contract-for-Differences” which will secure a fixed feed-in-tariff for each produced kWh by paying the difference to merchant pricing.
The bridge facility is set up as a bearer bond and issued by a Dutch subsidiary of Claritas Investments BV. As security the Polish SPVs are pledged.
Capcora, a consulting firm specialized on real assets which has already accompanied similar transactions, has been mandated as a financial advisor with the structuring and debt sourcing.
“Thanks to Capcora, we could find a quick and good fit solution for our first group of projects in Poland. We successfully optimized the capital structure of the group as well as reallocated the equity into new projects.” said Bekir Sami Acar, Managing Director of Claritas Investments. “This was an important milestone and a further proof of concept for our Polish PV business. We’ll use the freed-up sources to further develop our project portfolio.” quoted Mariusz Adamczewski, Managing Director of CLARITAS Poland Energy BV.
About CLARITAS Poland Energy BV
CLARITAS Poland is a subsidiary of CLARITAS Investments BV. CLARITAS Investments is a private equity backed cleantech investment platform developing projects across CEE region. (www.claritas-investment.com)
With its strong local presence, CLARITAS Poland originates early-stage projects from the fragmented market and turns them into high-quality investable assets for institutional investors. CLARITAS Poland currently holds a portfolio over 50 MW under-construction and ready-to-build solar projects and another 150 MW under development for the next auctions.