GoldenPeaks Capital (GPC), one of the fastest-growing independent producers of green energy in Europe, has successfully completed the financing of a portfolio of solar PV projects with a total capacity of 64.5 megawatt-peaks (MWp) located in Hungary.
Erste Group and Erste Bank Hungary provided the senior financing, while the junior piece was backed by a fund managed by the French asset manager Schelcher Prince Gestion. Capcora acted as the exclusive financial advisor to GPC on securing the mezzanine financing.
Having established itself as a leading owner of photovoltaic systems in Poland, GoldenPeaks Capital has further expanded into Hungary and successfully secured financing in the market through a unique transaction.
“We’re delighted to have secured both senior and junior facilities for our projects in Hungary marking another milestone in our history,” said Daniel Tain, President of GPC. “Concurrently, we’re welcoming two new strategic lenders to our network, crucial for our mission to be a leading Independent Power Producer in the Central Eastern European market.”
“Partnering with GoldenPeaksCapital, we have worked out a financial structure which gives more time and flexibility than usual to source and negotiate power purchase agreements with off-takers as one of the major commercial pillars of the project,” added Marcus Hinrich Fischer, Executive Director for Corporate Finance Solutions at Erste Group. “Integrating junior debt from SPG into the financing provides for further optimisation of the funding.”
The portfolio comprises two individual solar projects located in northeast Hungary, with a total capacity of approximately 65 MWp currently under construction. The projects will enter into long-term Power Purchase Agreements (PPAs).