Poland’s R.Power has entered the German solar market after signing co-development agreements with local developers to collaborate on PV projects in the country.
The partnerships will initially result in the development of 80MWp of PV plants across Germany that are expected to be supported by long-term power purchase agreements or the country’s solar auctions.
R.Power has already secured funds for the acquisition of the projects having established a programme last month to issue green bonds with a total nominal value of up to PLN1 billion (US$222 million).
Tomasz Sek, co-founder of R.Power, told PV Tech that the company selected Germany because it is a market that “is going to be fairly stable in terms of the overall environment and growth in the next two or three decades”.
He said Germany is fairly similar to Poland as they both have stable regulations in terms of environmental and permitting processes. In addition to the co-development agreements announced today, R.Power has ongoing discussions with other developers in the country that could become collaborations in the future.
The company currently has a presence in Poland, Portugal, Spain and Italy. Sek said it is aiming to be operational in European countries that install more than 1GW of PV capacity per year and is now considering its expansion into the Netherlands and Romania.
Having installed 4.8GW in 2020, Germany’s cumulative solar PV capacity at the end of last year reached around 54.6GW. By 2030, the country is aiming to have 98GW deployed.