Farmy Fotowoltaiki S.A. buys 5 photovoltaic projects with total capacity of 5 MW
The company will turn to community investors for PLN 4.05 million on March 9.
Farmy Fotowoltaiki – from Berg Holding, listed on NewConnect – through its subsidiary C&F has entered into agreements to acquire 5 photovoltaic projects, located in Sub-Carpathian region, with a total capacity of 5 MW. The crowdfunding issue of Farmy Fotowoltaiki promoted by the Crowday platform will be launched on Tuesday, March 9 at 9:00 am. The company plans to raise PLN 4.05 million.
Additional information about newly acquired businesses:
- The Niemstów project, located in the Subcarpathian Voivodship, involving the development of a photovoltaic farm with a capacity of 1 MW on a plot of land with an area of 1.97 ha,
- The Opaka 1 and Opaka 2 projects, both located in the Subcarpathian Voivodship, consisting in the development of two photovoltaic farms with a total capacity of 2 MW on a plot of land with an area of 4.78 ha,
- The Tymice 1 project and the Tymice 2 project, both located in the Subcarpathian Voivodship, involving the development of two photovoltaic farms with a total capacity of 2 MW on a parcel of land with an area of 4.84 ha.
We consistently pursue our development strategy. The new projects that we have just acquired will allow us to build another 5 farms with a total capacity of 5 MW. I remind you that we are working on a project in Nagoszyn, also in Subcarpathian region. Further development of the company’s activities will be financed, among others, from the upcoming equity crowdfunding collection – says Kamil Kita, President of Farm Photovoltaics, at the same time member of the Board of Directors of Berg Holding.
The way to NewConnect
At the end of February and the beginning of March, Farmy Fotowoltaiki signed an agreement with an authorized advisor, the law office Kramer i Wspólnicy, which will support the company’s entry into the stock market. Earlier, on February 15 the company’s EGM passed a resolution in which it expressed its consent to the company’s IPO. The debut is planned between the fourth quarter of this year and the first quarter of 2022.
Update of the company’s business strategy
At the end of February this year, the company announced that it had updated its development strategy. Thanks to its implementation, the company will generate annual sales revenues of around PLN 9.7million in the next 15 years, which in total amounts to over PLN 145million. The company intends to regularly pay out dividends in the amount of 90% of free cash flow from 2023 onwards, with 10% remaining as a reserve for future years.
Photovoltaic Farms plans to carry out assembly works and start-up the farm in Nagoszyn. The company also intends to invest in an entity operating in the photovoltaic market in the form of purchase of shares at the level of 5% – 45%. In the years 2021-2022, the company will build photovoltaic installations with power ranging from 1MW to 10MW, while in the years 2022-2023 – with power up to 40MW. The company is currently developing farms with a total capacity of 72MW
In addition, Photovoltaic Farms, within the planned strategy, assumes the development of an executive network and distribution by establishing cooperation with further partners and design and installation companies, development of technical, commercial and research facilities by building its own team of subcontractors, in the system of B2B relations and building a database of investors interested in purchasing photovoltaic farms or investing in the photovoltaic industry. In addition, the company will conduct educational activities to promote ecotechnology, including cooperation with entities active in this area.
Strategic partnership with Columbus Energy
Photovoltaic Farms entered into a collaboration agreement with Columbus Energy in July 2020. Under the partnership, the entities have committed to jointly implement projects that will include finding locations, designing, constructing and commissioning photovoltaic farms. The companies have committed themselves to 50% financing of the investment costs and have shared competences. Columbus Energy will be responsible for the technical design, construction and commissioning of the farms, while Photovoltaic Farms will focus on finding locations for the projects and acquiring real estate rights for their implementation.
Further plot lease agreements
On March 4 and February 10 this year Farmy Fotowoltaiki announced the signing of further land lease agreements for 29 years for the construction of photovoltaic farms with a total capacity of 4 MW. The agreements are part of a strategy to implement at least 25 photovoltaic farm projects. They are created within the framework of special purpose vehicles in a consortium formed by the Photovoltaic Farms and Columbus Energy under the name Columbus&Farmy Sp. z o.o. (C&F).
Poland achieved a new capacity addition of about 0.9 GW in 2019, ranking 5th among the European Union countries in terms of PV capacity additions. New PV capacity installed in Poland accounted for 5.5% of new capacity in the European Union. According to Grzegorz Wiśniewski, President of the Institute of Renewable Energy, as of 2019, the Polish photovoltaic (PV) sector was able to mobilize more capital for investment than the entire conventional energy industry. In 2022, the value of PV investments will exceed 5 billion PLN, and most experts agree that the market for large PV farms in Poland is just developing.
Photovoltaic Farms SA announced at www.crowdway.pl
 Źródło: Instytut Energetyki Odnawialnej, Raport IEO Rynek fotowoltaiki w Polsce 2020, 07.2020
Last Updated on March 8, 2021 by Karolina Ampulska