Bank of China (Luxembourg) Poland Branch provides a loan to China Solar Poland for the 51.7 MW Resko Solar Power Plant Acquisition Project

Project narrative

Circa September 21, 2022, Bank of China (Luxembourg) S.A. Oddział w Polsce (Poland Branch) issued a loan to Chint Solar Poland Sp.z.o.o — a Poland-incorporated special purpose vehicle and wholly owned subsidiary of Chint Solar (Zhejiang) Co., Ltd, a Chinese solar company and subsidiary of Chinese electrical equipment and photovoltaic company CHINT Group Co., Ltd. — for the 51.7 MW Resko Solar Power Plant Acquisition Project. The proceeds were to be used to finance the acquisition of the Resko Solar Power Plant, a 51.7 MW portfolio of photovoltaic projects in Sosnowo, Łobez County, West Pomeranian Voivodeship, Poland developed by Sino-CEE Fund (a Chinese private equity firm focused on the Central and Eastern Europe) with a total power generation of 50 GWh, to meet the electricity demand of over 9,000 households in Poland and reduce nearly 50,000 carbon dioxide emissions annually in line with the renewable energy development goals of both Poland and the European Union. It created 300 local job opportunities. The Resko Solar Power Plant was originally scheduled to be commissioned in December 2023, with the engineering, procurement, and construction contract signed by CHINT and INTEC Energy Solutions on October 18, 2023. The acquisition was completed on September 21, 2022.