NORD/LB closes €73m financing deal for OX2’s first Polish solar farm
NORD/LB, the energy transition bank of choice, has announced a €73m financing package for the Rutki 100MW Polish solar farm being developed by OX2, a leading provider of renewable energy solutions. The project is already under construction and is set to go live in 2025.
The Rutki solar farm is located in the Niemodlin municipality in south-western Poland – an area with favourably high levels of solar irradiation, and it benefits from a CfD scheme with the Energy Regulatory Office. It consists of 145,000 new ground-mounted solar panels. The electricity generated will provide clean, sustainable energy for over 30,000 households.
Jorn Leeuwendal, Deputy Head of Origination Energy at NORD/LB, said: “This deal underscores NORD/LB’s commitment to financing important and multifaceted projects at the forefront of the renewable energy transition in Europe. Solar is a key part of Poland’s renewable strategy, and we’re thrilled to support OX2 on its first solar farm in the country, helping propel Poland towards its ambitious net-zero targets.”
Paul Stormoen, CEO at OX2, said: “The Rutki project kicks off a new journey at OX2 to consolidate its position as a major player in the supply of clean energy in the Polish market. It is the first solar project designed and built integrally by OX2 teams. The project underpins our growth in the region and proves our ability to successfully execute projects among the most relevant renewable energy technologies. We are grateful to NORD/LB for the support in the process and are happy to count on a reliable partner for our future growth in the region.”
The following parties also advised on the deal:
• Clifford Chance as the lender’s legal adviser.
• A&O Shearman as the borrower’s legal adviser.
• Marsh as the insurance adviser.
• EY as the financial adviser.
• Solaris Ventum as the lender’s technical adviser.
Poland has made solar power a key component of its Energy Policy of Poland until 2040 (EPP2040). Under the flagship policy, Poland aims to add 29.3GW of solar capacity by 2030, with the Rutki solar farm substantially contributing to that objective.
