Project Zwartowo Secures Financing as a Milestone

Zwartowo is Poland’s largest solar park and has the declared goal of supplying numerous Polish households with green electricity and thus reducing Poland’s historical dependence on fossil fuels. A flagship financing was recently concluded with the European Bank for Reconstruction and Development (EBRD), PKO Bank Polski, and Bank Pekao for a loan amount of up to PLN 635 million (EUR 136 million) for the further realization of the project.

Construction on schedule

Zwartowo is located approx. 65 km northwest of Gdańsk. The groundbreaking ceremony took place in early 2021 and phase I of the solar park is now nearing completion. “Despite all adversities, construction is proceeding on schedule. Given the ongoing disruption of supply chains, the covid pandemic, and war in Ukraine, this is a significant achievement,” stated Joachim Goldbeck, President of GOLDBECK SOLAR.

With a total cost of almost EUR 200 million and a planned final capacity of 286 MWp, Zwartowo is a project of superlatives. As Poland’s largest solar park and one of the largest in Europe, it is expected to supply around 153,000 households with solar power.

Financing secured

The lead company for Zwartowo is Goldbeck Solar. The German EPC company from Hirschberg recently secured the financing for the solar park. “For the Polish market, the financing is an enormously important milestone, as it is the largest financing of a single photovoltaic project in the country,” explains Olga Kovalchuk, Head of Project Finance at GOLDBECK SOLAR.

The financing partners are EBRD as a multilateral lender and the two largest Polish banks, PKO Bank Polski and Bank Pekao. Olga Kovalchuk says: “The project was very well received by the lending community, and a competitive tender process allowed it to achieve market-leading financing terms, including a tenor of 18 years.”

The project represents an important contribution to the achievement of Poland’s climate protection goals. Together with its partner Respect Energy S.A., Goldbeck Solar aims to continue to promote the expansion of renewable energy in Poland.

“Respect Energy focuses on investments in renewable energy sources, which ultimately will guarantee the Group’s customers full security in the field of green energy supplies. Our aim is to create a green future for our country, so being a part of Zwartowo solar park is an obvious extension of our business strategy. We are very pleased that such a significant project on a European scale is one of our first investments.” stated Sebastian Jabłoński, President of the Management Board of Respect Energy S.A.

GOLDBECK SOLAR is an international company specializing in the turnkey construction of commercial and industrial rooftops, as well as large ground-mounted photovoltaic systems. The range of services covers the entire value chain from project development and targeted project financing to the construction and integration of storage technologies, technical operation and asset management of the plants, and the direct sale of clean energy.

This holistic approach makes the company the gateway for solar energy. Both for its customers and stakeholders from different areas along the value chain of a solar project, such as property owners, project developers, and banks, GOLDBECK SOLAR adds the necessary solutions and competencies to successfully implement a solar project.

For more information please visit www.goldbecksolar.com