What was the aim of the work?
Natural Power provided technical due diligence services to GOLDBECK SOLAR and a consortium of lenders, including EBRD and Polish banks PKO Bank Polski and Bank Pekao, to support the PLN 635M (EUR 136M) financing round for the Zwartowo solar farm.
What was the outcome?
Following the successful financing stage of the project, GOLDBECK SOLAR went on to construct the first phase of the project, located near Gdansk, with a capacity of 204 MW. It became Poland’s largest solar farm when it was connected in September 2022. When the second phase is connected in 2023 it will reach a final capacity of 286MWp.
What did Natural Power do to get this result?
Natural Power provided comprehensive technical due diligence of the project’s design, technology, construction and operational contracts, PPA, grid connection, permitting and land aspects, as well as a finance-grade energy yield assessment.
Hannah Staab, Natural Power’s head of Advisory Europe, said: “As the first transmission-connected solar farm in Poland, the project faced some technical and regulatory complexities. Our team of advisors were able to draw on their extensive experience of large-scale European renewable projects as well as local knowledge via our partners, KRD Global Group, in order to help our clients to navigate these issues.”
After financing, Natural Power continued to act as lender’s technical advisor during the remainder of the construction phase at the 300-hectare site, performing site visits and monitoring construction progress on behalf of the lenders.