Santander Bank Polska and mBank, two of the largest banks in Poland, will finance with €79 million (£70m) a project of 128 solar power plants developed by R.POWER.

The company plans to build facilities with a total power of 121MW within the next 18 months to boost the renewable energy transition of Poland.

The transaction claims to be ‘the biggest funding for solar power projects provided in Poland so far’ and each bank will hold a 50% share.

Juan de Porras, Deputy President of the Management Board and Head of the Corporate and Investment Banking Division in Santander Bank Polska, commented: “This is another such a big initiative taken by Santander Bank Polska to support the transformation of the Polish energy system.”

Adam Pers, Deputy President of mBank and Head of the Corporate Banking, said: “The decision to support companies from the RES sector brings us double satisfaction, we not only help entrepreneurs but also accelerate the green transformation.”

Poland’s power from photovoltaic (PV) installations is forecast to grow to 16GW by 2040.