Brookfield Asset Management‘s infrastructure debt platform has provided a new loan of up to PLN575m (€135m) to the Polish arm of renewable energy company Qair.
Brookfield’s junior debt loan enable empower Qair Polska to consolidate the 106MW Rzepin and Linowo wind farms, refinance its existing 2021 mezzanine facility and finance additional growth.
The new facility builds on the existing financing relationship between Brookfield and Qair Polska, established in 2021 with an eight-year facility of PLN85m.
Damian Bąbka, CFO, member of Qair Polska’s board of executives, said: “Qair Polska is now visible to institutions of a global scale and expertise. Brookfield has become our biggest project finance provider in Poland. Attracting this global partner at much bigger scale follows hard work put by whole Qair Team in Poland to strengthen the cash generation of our operational assets since our first deal in 2021.”
Bąbka said the decision to increase the exposure from PLN85m to PLN575m is fundamental to consolidate our group assets and continue our growth in multiple technologies – wind, solar and storage.
Tomasz Kozica, head of corporate and project finance at Qair Polska, said: “Increasing exposure in cooperation with Brookfield is an important element of Qair Polska’s long-term investment financing strategy. Due to the planned growth in multiple technologies – wind, solar and storage, we are focusing on diversifying the sources of financing for our investments – flexibility related to the management of capital obtained from financial institutions and understanding our business needs are crucial issues for us.
“We believe that long-term cooperation with Brookfield will have a positive impact on our further development and implementation of our strategy.”
Mickael Deligny, SVP at Brookfield, said: “We are pleased to continue our long term partnership with the Qair Group through a significant and bespoke financing for its Polish operations. Leveraging our deep expertise in renewables and local market insight, we structured a flexible solution tailored to the platform’s needs.
“This transaction reflects the strength of collaborative financing relationships and the shared ambition to grow.”
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