PL-SUN Sp.z.o.o is a holding company incorporated in Poland for the purpose of constructing and operating a portfolio of solar plants. It is owned and sponsored by a Lithuanian closed-end investment company UAB Atsinaujinančios Energetikos Investicijos (AEI), focused on renewable energy investments and managed by Lords LB Asset Management. AEI currently operates a portfolio of around 250 MW in Poland and Lithuania.
The construction bridge financing loan – which will be made up of equal contributions of €22.5 million from each institution – will finance the construction of a portfolio of 16 solar photovoltaic power plants with a total installed capacity of 114.7 MW across Poland. The plants are expected to generate a total of 122.5 GWh of electricity and lead to savings of 88,000 tonnes of carbon dioxide emissions annually.
The loan is the EBRD's first construction bridge loan to date and demonstrates the Bank's support for innovative financing instruments, both in the Polish market and beyond.
This is the first project co-financed under a new partnership between Eiffel and the EBRD. The two institutions signed a memorandum of understanding in December 2023 outlining their cooperation in exploring co-investment bridge financing to accelerate the deployment of renewable energy sources across central and eastern Europe.
Andrius Stonkus, Partner and CIO at Lords LB, said, "This transaction is very significant for the development of Lords LB Asset Management portfolio of solar projects in Poland. I am glad that it not only contributes to the development of our renewable energy infrastructure in Poland, but also meets the country's green energy strategic goals."
Elisabetta Falcetti, EBRD Regional Head for Poland and the Baltic states, added, "Unlocking additional financial resources for the renewables sector in Poland is crucial to meet the country's ambitious green transition targets. I am particularly pleased that this first project under the EBRD and Eiffel partnership will – thanks to the efforts of Lords - increase the renewable energy generation capacity in Poland and support the country's shift to a greener, more sustainable energy model."
