EnerCap-backed Geo Renewables raises $55.4 million in debt to fund Polish wind farms
Warsaw-based Geo Renewables SA on Thursday said it received PLN168 million ($55.4 million) of debt to finance two wind farms in southwest Poland. Geo Renewables is backed by private equity fund EnerCap Power Fund I LP.
Geo Renewables, in an e-mailed statement to Bloomberg, said it will borrow money from Polish lender Bank Ochrony Srodowishka SA. The said fund will be used to refinance part of the construction costs of two wind farms. The wind farm projects have a combined capacity of 50 megawatts and began working in 2013.
Poland is seeking to produce 15 percent of its power from renewable sources by 2020 to meet European Union mandates, the report said.
EnerCap Power Fund I is a €98 million close-ended ten year fund established in 2007. It is aimed at investing in renewable energy projects across Central and South-Eastern Europe. EnerCap Power Fund I is managed by Czech private equity firm EnerCap Capital Partners, its website said.
Geo Renewables is a company focused on renewable energy. It manages projects on developing, constructing and operating wind parks in Poland, according to its website.