Onde gets financing for 18-MW solar portfolio in Poland

Onde SA (WSE:OND), the renewables construction business of Polish group Erbud SA (WSE:ERB), said it has obtained a PLN 56 million (USD 13m/EUR 12m) loan from Polish lender mBank to finance an 18-MW solar photovoltaic (PV) Cyranka portfolio in Poland.

Cyranka, which includes PV projects Gizycko 1 and Gizycko 2 in Poland's north-eastern Warmia-Masuria province, is the first development in the Onde portfolio carried out on its own account, Onde said in a press release on Monday.

Onde's special purpose vehicle has obtained the financing when construction works at Cyrancka are almost over so the funds will be used for further PV farm projects, CEO Pawel Sredniawa explained.

The company is considering various options for monetising Cyranka, which is already supplying power to consumers. The sale of electricity in the form of a long-term power purchase agreement (PPA) or finding an investor interested in purchasing the project remain viable alternatives, Sredniawa added.

Onde's investment portfolio includes projects at various stages of development, whose generation potential reaches almost 840 MW.

(PLN 10 = USD 2.31/EUR 2.12)

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