en.Wedoany.com Reported - Qualitas Energy has secured approximately €53 million in non-recourse financing for a portfolio of two greenfield solar projects in Poland with a total installed capacity of 117 MWp, expanding its local renewable energy platform. The financing, arranged by CaixaBank and Bank Millennium, includes a term loan, related credit facilities, and an interest rate swap.
The funds will support the construction of two photovoltaic projects in Słoniawy, Masovian Voivodeship, and Końskie, Świętokrzyskie Voivodeship, targeting commercial operation by 2027. Project revenues will be supported by Poland's Contract for Difference (CfD) scheme. This transaction brings Qualitas's existing solar project portfolio in Poland to over 600 MWp, while its wind project pipeline reaches 1.2 GW.
The financing accelerates project delivery by covering early-stage development and construction milestones across the entire 117 MWp portfolio, including preliminary work, procurement and contracting of photovoltaic modules and inverters, and grid connection works. The financing adopts a structured project finance approach, reducing reliance on equity timing and helping prevent schedule delays caused by cash flow issues, thereby enhancing construction certainty.
The non-recourse structure enhances project bankability, with repayment primarily linked to cash flows generated by the projects, allowing Qualitas to scale up in Poland without proportionally increasing its corporate balance sheet exposure. Interest rate hedging through an interest rate swap stabilizes debt service costs during construction and early operations, supporting more predictable project returns.
In addition to the term loan, additional related credit facilities broaden financing flexibility, helping to cover contingencies such as cost overruns, VAT or refinancing timing gaps, and working capital needs without renegotiating core terms. From engineering, procurement, and construction (EPC) contract awards and module delivery cycles to commissioning and performance testing, funds are in place to support the projects' goal of achieving commercial operation by 2027. Poland's CfD framework provides long-term price support, enhancing revenue visibility and helping to forecast cash flows for repaying project debt.
The secured debt can be deployed as a replicable model for future project pipelines, strengthening Qualitas's ability to expand its renewable energy platform in Poland. The two projects located in different voivodeships diversify operational experience, covering permitting, grid interfaces, and local construction dynamics, while establishing a track record in Poland. By coordinating the drawdown of financing for both assets with construction progress, the projects can advance in parallel, improving efficiency and shortening the overall time to revenue generation. The involvement of established lenders also signals enhanced institutional confidence, helping to lower barriers for subsequent financing and partnership formation in the country.
