Renewables energy company GoldenPeaks Capital has closed senior and junior financing for a 64.5-MWp solar portfolio in Hungary, securing funds for its first projects in the country.
Erste Group and its unit Erste Bank Hungary acted as the senior lenders, providing the same amount at the project level, GPC said in a statement.
A fund managed by French asset manager Schelcher Prince Gestion (SPG) extended the junior financing at the holding company level. The junior loan starts with a higher amount with the option for downsizing.
Capcora served as the financial advisor to GPC, helping the firm secure the mezzanine financing.
The projects were treated as merchants in the transaction, but the financing structure will be adjusted once GPC signs power purchase agreements (PPAs) for them.
The portfolio consists of two solar projects located in northeast Hungary. They are currently under construction, GPC said, renewablesnow.com reports.
