Capcora Accompanies SUSI Partners In Raising Senior Debt For a Polish Renewables Portfolio
SUSI Partners, a Swiss fund manager specialising in sustainable energy infrastructure investment, acting on behalf of the SUSI Energy Transition Fund, has secured a Euro- denominated senior debt package for a fully merchant 167 MW Polish solar PV and onshore wind portfolio from Swedish P Capital Partners. The debt raise represents a cornerstone in the strategic growth plan of SETF portfolio company Luneos Green Energy, which has built a project pipeline of over 1 GW since inception in 2021. Capcora, a German consulting company, acted as the exclusive financial advisor to SUSI and LGE.
Most projects are set to commence construction in early 2024, and the entire collection of solar PV and onshore wind projects is anticipated to be fully operational by early 2025. All projects were brought to the ready-to-build stage by SETF portfolio company Luneos Green Energy, a joint venture established in late 2021 between SUSI and Luneos, a leading Polish energy transition partner for business customers. Since then, LGE has built a pipeline of over 1 GW of solar PV and onshore wind projects and has now secured debt financing for the first tranche of projects.
“We are delighted to have secured financing for our inaugural renewables project portfolio, marking a significant milestone in an innovative and cross-border collaboration. The successful process of securing Euro-denominated, long-term senior financing for a fully merchant portfolio in Poland is a remarkable achievement and underscores the rapid maturation of the Polish renewables market,” stated Michał Kozłowski, CEO at LGE.
“PCP is proud to support LGE with bespoke financing that will accelerate the build-up of their solar photovoltaic and onshore wind projects in the Polish region. LGE’s management team's sector expertise, entrepreneurial mindset, and commitment to building sustainable energy infrastructure exemplify what our PCP Transition strategy seeks to support. Together, we look forward to making a meaningful contribution towards Poland’s path to decarbonization”, adds Michele Sindico, Director, PCP Transition.
PCP is a multi-strategy private credit investor based in Stockholm lending to LGE via its Transition Fund. The Transition Fund provides tailored financing solutions to projects and companies with the capacity to contribute to society’s shift towards sustainability.
“We are proud to have advised LGE on this groundbreaking debt raising - a truly commendable effort in shaping the future of sustainable energy. The tailored financial solution provided by PCP will not only support the construction and operation phases but also highlight the importance of forward-thinking approaches in accelerating the adoption of renewable energy.”, comments Christian Boehm, Senior Vice President at Capcora.
LGE was advised by Norton Rose Fulbright while PCP worked with Dentons on both documentation and legal due diligence. DNV acted as the lenders’ technical advisor.