Warsaw, June 6th, 2024 - GoldenPeaks Capital (“GPC”), one of the fastest growing independent producers of green energy in Europe, has successfully completed the financing of a portfolio of solar PV projects with a total capacity of 64.5 MWp located in Hungary. Erste Group and Erste Bank Hungary provided the senior financing, while the junior piece was backed by a fund managed by the French asset manager Schelcher Prince Gestion (“SPG”). Capcora acted as the exclusive financial advisor to GPC on securing the mezzanine financing.

Having established itself as a leading owner of photovoltaic systems in Poland, GoldenPeaks Capital has further expanded into Hungary and successfully secured financing in the market through a unique transaction.

The portfolio comprises of two individual solar projects located in the northeast Hungary, with a total capacity of approx. 65 MWp. Currently under construction. The projects will enter into long-term Power Purchase Agreements (PPAs).

The financing package has been synchronized through parallel processes. The senior loan (whose financing was split evenly between Erste Group and Erste Bank Hungary) was secured at the SPV level, while the junior financing was obtained structurally subordinated at the HoldCo level. Tailored to the initial merchant nature of the projects, the financing structure includes a releveraging mechanism once the PPAs are signed. The junior piece starts higher with the option for downsizing, making this financing arrangement unique.

Daniel Tain, President of GPC: "We're delighted to have secured both senior and junior facilities for our projects in Hungary marking another milestone in our history. Concurrently, we're welcoming two new strategic lenders to our network, crucial for our mission to be a leading Independent Power Producer (“IPP”) in the Central Eastern European (“CEE”) market. “

Marcus Hinrich Fischer, Executive Director for Corporate Finance Solutions at Erste Group: “Partnering with GoldenPeaksCapital, we have worked out a financial structure which gives more time and flexibility than usual to source and negotiate power purchase agreements with off-takers as one of the major commercial pillars of the project. Integrating junior debt from SPG into the financing provides for further optimization of the funding.”

Sándor Végh, Head of Structured Finance at Erste Bank Hungary: “We are proud of being the financing partner of Golden Peaks Capital with their first PV project in Hungary. We look forward to further strengthening our relationship with additional projects.”

Alexis Sarrazin, Co-Head of the Infrastructure Transition Platform at SPG: “We are very happy of having initiated a partnership with GPC, a highly respected IPP in the CEE region. This innovative and tailored debt investment in Hungary is a token of the structuring capabilities of our investment team and the strong commitment of our Article 9 Impact Fund to finance energy transitions in Europe.“

Bernhard Hofman Director at Capcora: “We are pleased to help engineering a tailor-made and unique financing scheme for GPC. This transaction combines both upsizing and downsizing elements and addresses the need to combine merchant and PPA financing schemes in one transaction.”

GPC was advised by Dentons while Erste Bank worked with CMS and SPG with DLA Piper and Ganado Advocates. DNV acted as technical advisor to the lenders.

About GoldenPeaks Capital

GoldenPeaks Capital, is a company specializing in the construction and operation of solar systems and one of the largest photovoltaic system owners in Poland and Hungary. GoldenPeaks Capital will further increase the pace of shaping the industry of renewable energies in Eastern Europe by applying the seamless integration of all sectors of GPC, such as project development & engineering, financing & structuring, supply chain management, construction & commissioning, asset operations, and commercial & energy sales among others, ensuring an invaluable alignment of methodologies, ethics and goals. www.goldenpeakscapital.com

About Erste Group and Erste Bank Hungary

Erste Bank Hungary provides a full range of financial services to retail and corporate clients, ranking among the largest players in the Hungarian banking market. Erste Bank Hungary is a member of Erste Group, which is the leading financial services provider in Central and Eastern Europe with its 45,000 employees serving 16 million customers in 7 countries (Austria, Czechia, Slovakia, Romania, Hungary, Croatia, and Serbia), including through a network of nearly 1,950 branches.

About Schelcher Prince Gestion and the Infrastructure Transition Platform
chelcher Prince Gestion (“SPG”) is a French asset management company which provides mainly debt investment solutions, both liquid and private, to institutional clients, banks, and independent asset management advisers in Europe.  SPG manages more than €8bn and notably manages the Infrastructure Transition Platform, with c. EUR 650m of assets under management mainly focused on the financing of projects and companies contributing to the energy and digital transitions in Europe. SPG is backed by Arkea Investment Services, the asset management arm of French bank and insurance player Groupe Crédit Mutuel Arkéa.

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

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Disclaimer Golden Peaks Capital:

This press release was produced by and the opinions expressed are those of GoldenPeaks Capital as of the date of writing and are subject to change. It has been prepared solely for information purposes. Any reference to past performance is not necessarily a guide to the future. To the extent there are any forward-looking statements, these statements are based on the company’s current expectations and projections regarding its business, operations and other factors relating thereto. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but GoldenPeaks Capital does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.looking statements as a result of a number of factors. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but GoldenPeaks Capital does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.