French independent renewable power producer Qair has obtained debt financing of PLN 77 million (USD 19.3m/EUR 17.8m) to back the construction of a 36-MW solar photovoltaic (PV) park in Poland.
The credit facility was extended by PFR Investment Fund FIZAN and will allow onsite construction to be initiated in the second quarter of this year, Qair said in a recent press release.
The project covered by the financing deal will create a solar farm in the municipality of Zimnodol, in the Lesser Poland Voivodeship of southern Poland. This will be Qair Polska’s fourth large-scale PV project in the same municipality, the parent company noted.
“Cooperation with PFR marks a new financing approach for us. Diversifying capital sources brings several advantages, including risk management and increased financing opportunities for future projects,“ said Lukasz Zarzeczny, CFO of Qair Polska.
Qair has been active in Poland since 2015 and now 388.5 MW of fully operational renewable energy assets, 120 MW of projects under development and more than 2.5 GW of early-stage projects. Last month, it announced the commissioning of two PV plants in central Poland’s Greater Poland Voivodeship.
