IN Brief:
- Funds co-managed by CVI have provided PLN48m of secured bond financing for two WBS Power projects.
- The developments combine 29MWp of photovoltaic capacity with a reported 10MW/45MWh battery system.
- The proceeds will cover remaining construction expenditure and refinance existing debt, with InvestEU support.
WBS Power has received PLN48 million in secured bond financing to develop two hybrid renewable electricity projects in Poland. Investment funds co-managed by CVI have provided the funding, which will cover remaining construction expenditure and refinance part of the developer’s existing debt. The two projects comprise photovoltaic installations with a combined peak rating of 29MWp and a battery energy storage system described as 10MW of power and 45MWh of energy capacity.
The financing supports projects progressing through construction and development, with individual site locations and target commissioning dates still unspecified. It also does not divide the 29MWp of solar capacity between the two locations. CVI describes a battery storage system rated at 10MW/45MWh alongside the hybrid portfolio, rather than stating that each project contains its own battery of that size. The eventual connection configuration and division of storage capacity between the projects remain unspecified.
Secured bonds provide debt capital under an agreement backed by defined security arrangements. The investors are funds that CVI co-manages, not necessarily CVI’s own corporate balance sheet. The financing statement gives the PLN48 million amount and its intended uses but no coupon, maturity, security package or repayment schedule. It also does not state the projects’ total development cost. The announced borrowing should therefore be recorded as a financing transaction rather than a complete valuation of the solar and battery investments.
Completing construction expenditure and refinancing existing debt serve different purposes. Funding for capital works pays for the remaining installation and integration of the energy assets; refinancing replaces borrowing already incurred during development or construction. The financing can support both activities without all PLN48 million representing additional equipment investment. CVI has not disclosed the share assigned to each purpose or the remaining cost of connecting and commissioning the projects, so their precise capital structure cannot be reconstructed from the release.
The combined photovoltaic rating of 29MWp describes the peak capacity of the solar arrays under standard test conditions. Actual electricity generation will depend on irradiance, temperature, inverter performance, equipment availability and connection constraints. The electrical export capacity could differ from the DC nameplate rating; the financing note does not give the individual inverter or grid connection ratings. It also provides no verified annual production figure, so estimates of future delivered megawatt-hours would require assumptions beyond the published information.
The reported battery has a power rating of 10MW and a stated energy capacity of 45MWh. At those nominal ratings, the energy-to-power ratio is four and a half hours, although actual delivery at a particular output will depend on state of charge, conversion losses and operating reserves. The storage system can absorb or release electricity over time, while the solar arrays produce power when sunlight is available. Combining their MW and MWp ratings into one figure would not describe either the system’s firm output or the capacity of its grid connection.
Hybrid solar and storage projects may coordinate generation and charging to manage power flows at a connection point, but the available operating strategies depend on the installed equipment and commercial arrangements. If solar and batteries share an export limit, control systems must prevent their combined output from exceeding it; separately connected assets require different arrangements. WBS Power and CVI have not published the connection topology or battery dispatch agreements for these two developments. The confirmed equipment figures establish their scale without defining how they will be operated.
The transaction also benefits from European Union support through the InvestEU Fund, according to CVI. The primary statement does not explain whether that support reaches the financing through a particular guarantee or other mechanism, or identify a corresponding amount of public funding. Its confirmed role is therefore support associated with the financing structure, while the PLN48 million remains the reported secured bond amount supplied by the funds co-managed by CVI.
WBS Power develops renewable generation and energy storage assets in Poland and other European markets. The new deal concerns a defined pair of Polish hybrid projects, rather than the whole development pipeline: 29MWp of photovoltaic modules and a reported 10MW/45MWh storage system. The financing is an enabling step during construction, as suppliers, installers and grid-connection work still have to turn the planned generating and storage equipment into operational infrastructure.
Completion of the remaining site works, electrical testing and confirmation of grid energisation will provide the next evidence of delivery. The company has not published an annual generation forecast, individual project capacities or commissioning dates for this financed portfolio. CVI’s secured bond financing advances construction and restructures part of WBS Power’s borrowing while the associated photovoltaic and storage installations continue towards operation.
