September 23 (Renewables Now) – Lithuanian renewables developer Inexperienced Genius has secured funds from German non-public financial institution Berenberg to finance the development of a 69-MWp portfolio of photo voltaic initiatives in Poland.
The Berenberg Inexperienced Vitality Junior Debt Funds is offering EUR 22 million (USD 21.4m) in mezzanine financing to help Inexperienced Genius’ efforts, which is able to embrace the set up of round 106,200 photo voltaic PV modules throughout a number of websites, the events stated in a joint press launch on Friday.
The entire portfolio would require an funding of as much as EUR 59 million. It consists of initiatives starting from 1 MWp, to five MWp and eight MWp unfold throughout Poland. The crops will function beneath a mixture of four-year energy buy agreements (PPAs), ten-year PPAs and the state-backed 15-year contract-for-difference (CfD) help mechanism, the assertion reads.
Inexperienced Genius is about to launch building and is anticipated to finalise all works in 2023.
(EUR 1.0 = USD 0.975)