Better Energy obtains financing for Polish solar farms

The EUR 65m loan is used to finance the cost of establishing five solar farms across Poland.
"Better Energy has proven that they are able to develop, build and connect to the grid some of Poland's largest solar farms," says Helle Ærendahl Heldbo, Head of Alternative Investments at AP Pension, which is now lending Better Energy EUR 65m to set up solar farms in Poland. | Photo: Better Energy
"Better Energy has proven that they are able to develop, build and connect to the grid some of Poland's largest solar farms," says Helle Ærendahl Heldbo, Head of Alternative Investments at AP Pension, which is now lending Better Energy EUR 65m to set up solar farms in Poland. | Photo: Better Energy
by louise wendt jensen

Better Energy has entered into a loan agreement with AP Pension of EUR 65m, the company announces in a press release. 

This means that Better Energy can finance five solar parks in Poland with a combined 237MW capacity. This corresponds to enough power to meet the electricity demand of around 120,000 Polish households. 

AP Pension also signed a loan agreement of DKK 385 million for seven solar parks in Portugal back in May. 

”We see this as an obvious investment opportunity, which allows us to include renewable energy investments in our portfolio. At the same time, we see this type of investment as a good complement to traditional liquid investments, as they are characterized by low risk and low correlation with liquid markets. We are proud to be part of innovating, developing and implementing this kind of loan financing directly to green projects,” says Helle Ærendahl Heldbo, Head of Alternative Investments at AP Pension, in the announcement. 

She emphasizes that the loan agreement will help the company achieve its green investment ambitions. 

”For us at AP Pension, the loan financing for Better Energy is a long-term investment that will help deliver a stable return to our customers. At the same time, many of our customers will hopefully be pleased that their pension funds are actively working for the green transition. For AP Pension, this investment is another step on the road to fulfilling our ambition to have 18% of total assets directed towards green investments by 2025 and 25% by 2030,” says Helle Ærendahl Heldbo.

By the end of 2022, 16.5% of the company’s investments were green.

Better Energy is pleased with AP Pension’s willingness to lend. 

”Throughout the process, AP Pension has shown they understand the needs of renewable energy companies and a willingness to make a difference through its investments. It is promising to see Danish pension funds work closely with renewable energy projects and invest in opportunities that help scale the production and supply of green electricity across Europe,” says Christoffer Larsen, EVP, Investments at Better Energy.

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