Vista Bank and Vista Leasing granted to joint venture of SOLEK and WOOD & Co. EUR 20.5 million loan, for a 42 MWp photovoltaic park in Mehedinti county
September 27, 2024
The loan was arranged by Vista Bank and Vista Leasing, both acting as joint Lenders, while Vista Bank also acted as Mandated Lead Arranger, Facility Agent, Security Agent, and Account Bank. The facilities of €20.5 million will be used by Gogosu Solar Energy SRL, member of Solek Group, to develop a photovoltaic park with a total installed capacity of 42 MWp in Gogosu commune, Mehedinti county.
Georgios Athanasopoulos, CEO of Vista Bank, said on the occasion of the signing: “We are delighted to grant this syndicated loan to Gogosu Solar Energy SRL, a joint venture between the Solek Group and WOOD & Co. – an important global player in renewable energy. We have the ambition to support the transition to green energy and to encourage energy companies to invest and innovate in environment-friendly ways of producing electricity. Together, we can reach faster the common goals of energy independence and sustainability.”
Zdenek Sobotka, CEO and Owner, stated: „This milestone marks a significant step forward in our mission to drive sustainable energy production and contribute to the energy transition in Romania. It is also the first of many projects that we are developing with our partners from WOOD & Co. where SOLEK is acting as the developer, EPC and O&M service provider. The financial backing by WOOD &Co. underscores the confidence investors have in the viability and impact of the project and Romania as a key market in the renewable energy landscape.”
Andrej Zverzhanovski, Investment Director at SOLEK, stated: „The Gogosu Solar Power Plant, with a planned capacity of 42 MWp, is set to generate over 60 GWh of clean energy when it connects to the grid in March 2025 and represents a crucial component of Solek’s strategy to expand its portfolio in Romania where it is currently developing over 200 MW of solar and battery parks. We have made enormous progress from January 2024, when we were just scouting the project, until today where we have surpassed the 30% mark of construction.” said Andrej Zverzhanovski, Investment Director at SOLEK. “All this couldn’t have been possible without our local team, our joint venture partner and the capable and strong support from Vista Bank”.
Vaclav Kula, Investment Manager at WOOD, stated: „At WOOD & Co., we are committed to accelerating Europe’s transition to renewable energy, and this project marks an important step in that direction. By channeling significant resources into clean energy projects, we are not only contributing to the decarbonization of the energy sector but also enhancing regional energy security. This project exemplifies our strategic vision of creating sustainable, long-term value for both our investors and the communities we operate in. The European renewable energy landscape presents tremendous opportunities, and we are excited to continue driving meaningful change across the region.”
About VISTA BANK
With more than 25 years of existence on the Romanian market, VISTA BANK has continuously evolved and contributed to the development of the Romanian economy and the welfare of its clients. As a universal bank, VISTA BANK aims to offer tailor-made, high-quality financial solutions. In recent years, the bank has grown both organically and through the acquisition of Crédit Agricole Bank Romania in 2021, thus advancing in the Romanian banks ranking. Scaling up its business will allow the bank to accelerate growth and improve its capacity to offer better banking experience to its existing and future clients. For more information: www.vistabank.ro
About Solek Group
SOLEK is a renewable energy group established in 2010 by Czech entrepreneur Zdeněk Sobotka. The group develops, builds and operates clean energy power plants in Europe and South America. SOLEK’s power plants are in operation in the Czech Republic, Slovakia, Romania, Cyprus and, Chile. It is headquartered in Prague and Santiago and has offices in Romania, France, Spain, Cyprus, and Greece. The group employs more than 300 professionals, including more than 160 in Chile. SOLEK has 351 MWp of installed capacity worldwide, with over 1500 MWp under development and construction globally. As an integrated operator with global footprint, SOLEK covers the entire renewable energy chain, from development to operation and maintenance, with especial focus on Solar and energy Storage projects.
About WOOD & CO.
WOOD & Company is a major financial and investment group with a leading position in the Central European market, founded in 1991, with offices in seven major European cities: Prague, Bratislava, Warsaw, Milan, Bucharest, Dublin, and London. The group provides services in corporate finance, capital markets, securities trading, and asset management. In addition to its strong presence in real estate funds and its online investment platform Portu, WOOD & Co. manages its own renewables fund that invests in renewable energy sources (RES) projects and supporting technologies across Europe, reinforcing its commitment to sustainability and innovation in energy markets.
