Lords LB Asset Management Fund to Finalize Largest Solar Power Project in Poland by Mid-2020.
Energy and Infrastructure SME Fund, managed by Lords LB Asset Management is set to finalize one of the biggest single Polish solar power projects to date by mid-2020s.
The project is set up to include 66 solar power parks with an installed capacity of up to 1MW each, totalling a wattage of at least 65.5MW. This constitutes a significant increase in the photovoltaic (PV) energy potential installed in Poland, which currently stands at around 1,300MW.
The project development services are provided by Sun Investment Group, one of the regional leaders in developing and managing solar power plants.
“We have been working on this project since December 2018 and are happy to be a part of Poland’s renewable energy transition,” says Domas Kačinskas, fund manager at Energy and Infrastructure SME Fund. “By combining the vast experience we have gained from our previous real estate development projects and renewable energy investments, we are confident to finalize this ambitious project by mid-2020.”
The construction of most sites is already well underway: in November, the first ten parks were connected to the grid and the first solar power plants are already generating electricity. The installation of the grand total of 240.000 individual solar panels in an area of some 120 hectares is all set in north-western Poland.
The plants will approximately save up to 46.600 tons of CO2 per year.
All of the plants under development won the Polish renewable energy auction in 2018 and were awarded a fixed electricity price for a period of 15 years.
“We were happy our expertise in managing and developing solar power plants in Poland, the UK, and the Baltic region has led to Energy and Infrastructure SME Fund selecting us to co-operate on this ambitious project by providing development services,” commented Deividas Varabauskas, CEO of Sun Investment Group. “With this joint project, we continue to grow our expertise and scale in Poland. In less than a year, the combined power of solar plants developed by us will have grown from 43 to 109 MW.”
Usually, projects of this scope are amassing their capacity in a couple of solar parks, but this one is unique in its fragmented nature. The current project is spread throughout 4 voivodeships, 27 counties, and 41 communities, each requiring a distinct approach. Additionally, 2 energy distribution operators and 5 of their regional branches will handle the distribution.
“Each region in Poland is subject to varying regulations, and processing a multi-sided project like this requires certain expertise and capabilities,” added Mr Varabauskas.
Energy and Infrastructure SME Fund was established in 2016 with a geographical focus on the investments in the Baltic States and Poland. Apart from this project, Energy and Infrastructure SME Fund has already invested in other renewable energy objects, as well as infrastructure and public-private partnership (PPP) projects.