Greencells locks debt for 65.2-MWp solar project in Hungary

German solar developer and EPC services provider Greencells has obtained debt financing from compatriot Berenberg Bank to back a 65.2-MWp solar project in Hungary.

The private German lender will extend a junior debt facility through the Berenberg Green Energy Junior Debt Fund III. The amount of the financing was not disclosed in its press statement on Tuesday.

The fresh capital will be directed towards the construction and commissioning of Greencells’ Szugy photovoltaic (PV) park. The plant is currently being built and is planned to go live in October this year. Its operation will be backed by a feed-in-tariff (FiT) contract for 25 years.

Consisting of 121,000 PV modules, the solar park will be capable of producing around 78,800 MWh of electricity annually. Its output will be enough to cover the consumption of around 22,500 homes per year.

Szugy is Greencell’s largest solar investment in Hungary, where the company is preparing more projects as part of its expansion. “Hungary, like many other Eastern and Central European countries, has rapidly developed into a highly attractive market for solar energy,” said Greencell’s CEO Andreas Hoffmann.

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