By CEP Staff • 2 September 2026 in News

Gülermak Renewables closes PLN 152.9 million financing for Polish solar portfolio Gülermak Renewables has closed PLN 152.9 million (£30.4 million) of non-recourse project financing for a 62.7 MW solar portfolio in Poland. mBank is providing the financing to support the construction and operation of five solar assets: Brodnica I and II, Glinnik I and II, and Powidz. The financing tenor, interest margin, and repayment terms were not disclosed. Brodnica is the portfolio’s largest component, comprising two projects with a combined capacity of 49 MW. The two Glinnik assets have a total capacity of 8.7 MW, while Powidz has a capacity of 5 MW. All five projects are under construction. Powidz is expected to become the first asset in the portfolio to enter commercial operation later in 2026. The portfolio is supported by Poland’s government-backed Contract for Difference framework. Brodnica and Powidz also have a multi-site route-to-market agreement with Hekla Energy running until 2030. “Reaching financial close on Project Vistula is an important moment for Gülermak Renewables and a strong endorsement of the quality of these assets, our approach to project delivery and our long-term commitment to the Polish renewable energy market,” said Türkekul Dogan, Chief Executive Officer of Gülermak Renewables. “We have been building our expertise in financing renewable energy and the broader transformation of the Polish economy for many years,” added Tomasz Niewola, Head of Structured Finance and Mezzanine at mBank S.A. “Project Vistula is another example of how we use this experience to support investments that bring new generation capacity to the Polish energy market. The transaction is closely aligned with mBank’s ‘Full Speed Ahead!’ strategy, in which energy and technological transformation is one of the key growth areas for our corporate banking business. We are pleased to support Gülermak Renewables in the construction and operation of this 62.7 MW solar portfolio.” The financing establishes a framework that Gülermak Renewables intends to use for further projects in Poland and other European markets. The company has more than 400 MW of solar, wind, and battery storage assets under development. Nomad Electric is the EPC subcontractor for the portfolio. Clifford Chance advised Gülermak Renewables, while Dentons acted as legal adviser to mBank. Forte Renewables Polska served as the lender’s technical adviser.