ONDE obtains financing for two PV farms
ONDE will receive financing from mBank of about PLN 65 million for construction of two own PV systems of the total capacity of nearly 19 MWp.
Under the signed agreement, the bank will grant to two ONDE subsidiary project companies a construction loan in the maximum amount of PLN 52,6 million, with an option of converting it into an investment loan in the amount of PLN 48.6 million, as well as a revolving credit for financing obligations associated with the value added tax (VAT) in the maximum amount of PLN 12,500,000.
The construction loan and the revolving credit are to be repaid by 30 September 2025, and the investment credit should be repaid by 30 September 2035 at the latest.
The agreement provides for an option of expanding the financing with construction of the third photovoltaic farm of a capacity of 4.42 MWp.
‘The obtained financing will enable us to execute photovoltaic projects of the total capacity of ca. 19 MW, purchased in the middle of this year. We assume that we will still be able to inform about the formal start of the construction this year, as we announced earlier”, says Paweł Średniawa, ONDE President.
We would like to remind that the purchased assets were at the very advanced development stage, and both had building permits. Their commercialisation is planned for the turn of 2024.
“The ending year has shown us the importance of developer projects for our strategy and development of the company value. The sale of our first own project, 18 megawatt “Cyranka”, significantly influenced our financial performance. Therefore, we are planning to intensify our activities in this business area and execute new projects in the coming year. adds Paweł Średniawa.
The ONDE strategic objective is to maintain and regularly develop the RES construction segment, with simultaneous fast development of the second business leg – the development of RES systems in the develop-build-sell mode. Currently, ONDE investment pipeline has a potential of ca. 870 MW, of which projects of the capacity of ca. 300 MW already have received connection conditions.