Swedish private credit provider P Capital Partners (PCP) has signed a euro-denominated senior debt facility for a fully merchant 167-megawatt solar PV and onshore wind portfolio in Poland.

Swiss fund manager SUSI Partners, acting on behalf of the SUSI Energy Transition Fund (SETF), secured the debt package via the PCP Transition Fund, with Norton Rose Fulbright advising.

All projects were brought to ready-to-build stage by SETF portfolio company Luneos Green Energy, a joint venture between SUSI Partners and leading Polish energy-as-a-service company Luneos.

The majority of projects will start construction in early 2024 with the entire portfolio of solar PV and onshore wind projects expected to be fully operational in early 2025. The merchant cashflows will be denominated in zloty.

Founded in 2009, SUSI Partners specializes in sustainable energy infrastructure investments with €1.9 billion (US$2.07 billion) in capital commitments from institutional investors. The firm’s investment strategy focuses on private equity and credit opportunities across the energy transition spectrum, including clean energy generation, energy efficiency measures, and solutions enabling clean energy use.

PCP Transition is a credit fund dedicated to supporting Europe’s transition towards sustainability. It has about €700 million in investment commitments from European institutions, pension funds and familiy offices, including Folksam, KPA Pension and Skandia.