Capcora accompanies SUSI Partners in raising senior debt for a Polish renewables portfolio

SUSI Partners (“SUSI”), a Swiss fund manager specialising in sustainable energy infrastructure investment, acting on behalf of the SUSI Energy Transition Fund (“SETF”), has secured a Euro- denominated senior debt package for a fully merchant 167 MW Polish solar PV and onshore wind portfolio from Swedish P Capital Partners (“PCP”). The debt raise represents a cornerstone in the strategic growth plan of SETF portfolio company Luneos Green Energy (“LGE”), which has built a project pipeline of over 1 GW since inception in 2021. Capcora, a German consulting company, acted as the exclusive financial advisor to SUSI and LGE.

Most projects are set to commence construction in early 2024, and the entire collection of solar PV and onshore wind projects is anticipated to be fully operational by early 2025. All projects were brought to the ready-to-build stage by SETF portfolio company Luneos Green Energy, a joint venture established in late 2021 between SUSI and Luneos, a leading Polish energy transition partner for business customers. Since then, LGE has built a pipeline of over 1 GW of solar PV and onshore wind projects and has now secured debt financing for the first tranche of projects.

“We are delighted to have secured financing for our inaugural renewables project portfolio, marking a significant milestone in an innovative and cross-border collaboration. The successful process of securing Euro-denominated, long-term senior financing for a fully merchant portfolio in Poland is a remarkable achievement and underscores the rapid maturation of the Polish renewables market,” stated Michał Kozłowski, CEO at LGE.

“PCP is proud to support LGE with bespoke financing that will accelerate the build-up of their solar photovoltaic and onshore wind projects in the Polish region. LGE’s management team's sector expertise, entrepreneurial mindset, and commitment to building sustainable energy infrastructure exemplify what our PCP Transition strategy seeks to support. Together, we look forward to making a meaningful contribution towards Poland’s path to decarbonization”, adds Michele Sindico, Director, PCP Transition.

PCP is a multi-strategy private credit investor based in Stockholm lending to LGE via its Transition Fund. The Transition Fund provides tailored financing solutions to projects and companies with the capacity to contribute to society’s shift towards sustainability.

“We are proud to have advised LGE on this groundbreaking debt raising - a truly commendable effort in shaping the future of sustainable energy. The tailored financial solution provided by PCP will not only support the construction and operation phases but also highlight the importance of forward-thinking approaches in accelerating the adoption of renewable energy.”, comments Christian Boehm, Senior Vice President at Capcora.

LGE was advised by Norton Rose Fulbright while PCP worked with Dentons on both documentation and legal due diligence. DNV acted as the lenders’ technical advisor.

About SUSI Partners
Established in 2009, SUSI Partners is a Swiss fund manager specializing in sustainable energy infrastructure investments, with EUR 1.9 billion in capital commitments. Focused on private equity and credit opportunities, the firm's strategy spans clean energy generation, energy efficiency, and solutions for clean energy use.
www.susi-partners.com

About Luneos
Luneos is a leading Polish energy transition partner for business customers, offering comprehensive product suite of PV installations, LED lighting, battery storage, heat pump and cogeneration installations implemented in full-scope approach, from design and development to implementation and maintenance, all financed in as-a-service model. Luneos’ offering is supplemented with supply of green electricity, allowing for full elimination of carbon footprint.
www.luneos.pl

About P Capital Partners
PCP is a multi-strategy private credit investor committed to unlocking the full potential of companies in Northern Europe through enduring partnerships. Our collaborative approach delivers tailored financial solutions and strategic advice to our investee partners. Founded in 2002, we have made over 150 investments providing over EUR 4.5 bn to our investees. PCP is headquartered in Stockholm, Sweden.
www.pcapital.se

About Capcora
Capcora is an independent financial advisory boutique specializing in M&A and project finance services to accelerate the energy transition in Europe. Founded in 2015, the Frankfurt-based company helps its clients succeed in the renewable energy and infrastructure sectors by advising them on sell-side and buy-side transactions, and by raising mezzanine, unitranche or senior debt.
www.capcora.com