R.Power, a pan-European Independent Power Producer (IPP), has secured PLN181m (c.€43m) of project financing with Polish commercial lender Bank Millenium S.A. for a 70.5 MWp PV portfolio in Poland. Deal takes IPP to c.€150 of project financing in twelve months and completes a year of debt market firsts.
The portfolio consists of nine photovoltaics projects, some already in operation, with the balance to be constructed and commissioned by the end of 2026. Portfolio revenues are secured through a mix of CfDs and a recently announced 470GWh Power Purchase Agreement (PPA).
The deal takes the total project financing raised by R.Power over the past twelve months to c.€150m, completing a year of debt market firsts as it expands activities across multiple technologies and European markets.
One year ago, R.Power agreed its first international financing, securing €38.6m from Banco BPI S.A. and CaixaBank S.A. for the construction of 44 MWp of PV in Portugal.
Shortly afterwards, R.Power announced its first project financing in Romania, securing €12.4m from Bank Gospodarstwa Krajowego for the construction of 23 MWp of PV in Romania.
Two further debt market firsts followed at the turn of the year, through the announcement of R.Power’s first project financing in Germany. The IPP’s €7m financing for the 20 MW Klotze PV project in Saxony-Anhalt, Germany, was enabled by DAL Deutsche Anlagen-Leasing, together with its financing partner Deutsche Leasing Finance.
In December 2025, a PLN 206.7m (€49m) loan for the construction of the 127MWp Żary-Marciszów photovoltaic power plant was signed with Bank Gospodarstwa Krajowego, financed from the National Recovery and Resilience Plan (KPO).
R.Power’s first BESS project financing, a €45m debt financing package for the flagship 127 MW/254MWh Scornicesti BESS project, achieved credit approval.
R.Power has built a demonstrable track record in the debt markets, earning the backing of multiple respected banks and institutions across Europe. This work has fueled our expansion across multiple European markets. With one of Europe’s largest investor-ready pipelines of utility-scale storage and renewables projects, we expect to be even more active in the project financing arena in 2026.
Michał Swół, Chief Investment Officer at R.Power
In addition to the above funding, R.Power also secured PLN 499.1m (€118m) of grant agreements with the National Fund for Environmental Protection and Water Management – the National Operator of the Modernisation Fund – to implement priority BESS projects.
While R.Power raises most of its debt at the project level, the IPP has also been active in the bond markets and last year issued its first Euro-denominated green bonds in a €30m deal with the World Bank Group’s International Finance Corporation (IFC).
An additional subscription of up to €20m from a third-party co-investor is anticipated, which will take the total value of bonds issues to date (Euro and Polish Zloty denominated) to more than €195m.
About R.Power
R.Power is an Independent Power Producer (IPP) active across multiple renewable energy technologies and European markets. Its activities span the entire project value chain, from origination and development through to commercialisation and long-term operation.
Founded in 2010 and headquartered in Warsaw, R.Power has evolved from one of the largest renewable energy producers in Central & Eastern Europe into a pan-European IPP, with 1.4 GW of projects operational or under construction.
R.Power’s European growth strategy centres on a significant pipeline of advanced, grid-secure battery energy storage (BESS) projects, both standalone and hybrid with solar PV. With over 10 GW of grid-secured, utility-scale BESS, hybrid and renewable generation projects spanning major markets including Poland, Romania, Germany, Italy, Portugal and Spain, R.Power has one of the largest, investor-ready pipelines in Europe.
R.Power’s long-term equity investment partners include the European Bank for Reconstruction and Development and Three Seas Initiative Investment Fund (3SIIF) advised by Amber Infrastructure.