Qair signs with ING Bank Śląski the financing of 82 MW of renewable assets
ING Bank Śląski and Qair signed PLN 242 m bilateral facility agreements to finance construction process of ten photovoltaic projects totaling 72 MW and two onshore wind projects with the capacity of 10 MW. All projects won the renewable energy auctions in 2020-2021 and will reach operational phase in 2023, to be followed by 17-year debt repayment period. ING Bank Śląski is the sole lender in this transaction.
“This is our next transaction with Qair Polska supporting acquisition of renewable energy sources. As a bank we are aware that our future depends on our actions today which is why we want to support our clients in the energy transformation and meeting new requirements. In this way we want to partner companies that invest in RES because it’s a sector that is developing very strongly on the Polish market due to our commitments to change the energy mix” said Michał H. Mrożek, Vice President of the Management Board of ING Bank Śląski.
” We appreciate that ING Bank Śląski joined a group of financial institutions supporting us in project financing. So far, we have been cooperating with ING in the field of corporate banking and, very recently, the bank also provided us with credit facility for project development purposes. It is the third transaction of such type for Qair in Poland – in the past two years only, we attracted over PLN 1.3bn of debt capital to build our projects. Our plans remain ambitious – we are already preparing next projects for realization to keep this high pace of growth. By the end of 2023 only, our operational capacity will exceed 400 MW, and this is certainly not the end. In a short period of time, we have built a strong team – people open for upcoming challenges” said Krzysztof Wojtysiak, CEO of Qair Polska.
In December 2021, ING Bank Śląski and Qair Polska signed another PLN 50m credit facility agreement for operational purposes. The Facility will be used in renewable energy projects at earlier stages of development.
Qair is an independent producer of exclusively renewable energy, developing, building and operating wind, solar, hydroelectric and green hydrogen projects on own account for more than 30 years. Qair operates 650 MW and targets 1GW of capacity in 2022. Active in 16 countries across Europe, Latin America, Africa and Asia our ambition is to become an independent leader in responsible energy.
A subsidiary of Qair Group, Qair Polska is active on the Polish market since 2015. Employing close to 60 specialists, Qair Polska owns a portfolio of wind and photovoltaic projects including: 227.2 MW fully operational projects, 175.6 MW under construction/financing and 2.5 GW at earlier stages. Qair Polska develops projects on own account, partners with external developers, and acquires projects at different stages of development.