Erste Group finances landmark battery energy storage system project in Poland

Erste Group Bank AG (Erste Group) together with Siemens Financial Services has provided R.Power project finance facility of approximately PLN 270 million %5BEUR 64 million%5D for the construction of a 150MW / 300MWh battery energy storage system (BESS) in Jedwabno, Poland. This is the largest project finance transaction to be completed for utility-scale BESS in the Polish market and ensures the progression of one of R.Power’s flagship projects.

A key factor underpinning the success of this financing is the project’s robust contractual framework. This battery energy storage system project benefits from a 17-year capacity market contract secured through Poland’s auction system, enabling a project finance structure at this scale.

“Jedwabno is a crucial step – for R.Power and for the Polish energy storage market. Securing project finance at this scale, underpinned by long term revenue contracts, shows that large-scale BESS is now fully bankable in CEE,” said Michał Swół, Chief Investment Officer at R.Power.

Construction at the Jedwabno site is already well underway, with completion targeted for the end of 2026. Jedwabno will become one of Poland’s largest operational utility-scale BESS assets – providing critical grid stabilisation capacity as Poland accelerates its transition away from coal.

“Jedwabno marks a turning point for energy storage in Central Europe. Our participation in financing this landmark transaction reflects Erste Group’s strong commitment to accelerating the energy transition at a time when energy security and independence are more important than ever. Delivering one of the first large-scale non-recourse financings for a standalone battery storage project in Poland demonstrates both our structuring expertise and our confidence in the country’s rapidly evolving energy landscape. It also underlines the strategic importance of Poland following our recent expansion to the country, as we continue to deploy capital into future oriented infrastructure,” said Juan de Porras Aguirre, Executive Director Corporates at Erste Group said.

About R.Power
R.Power is an Independent Power Producer (IPP) active across multiple renewable energy technologies and European markets. Its activities span the entire project value chain, from origination and development through to commercialisation and long-term operation. Founded in 2010 and headquartered in Warsaw, R.Power has evolved from one of the largest renewable energy producers in Central & Eastern Europe into a pan-European IPP, with 1.4GW of projects operational or under construction. 

R.Power’s European growth strategy centres on a significant pipeline of advanced, grid-secure battery energy storage (BESS) projects, both standalone and hybrid with solar PV. With over 10GW of grid-secured, utility-scale BESS, hybrid and renewable generation projects spanning major markets including Poland, Romania, Germany, Italy, Portugal and Spain, R.Power has one of the largest, investor-ready pipelines in Europe. R.Power’s long-term equity investment partners include the European Bank for Reconstruction and Development and Three Seas Initiative Investment Fund (3SIIF) advised by Amber Infrastructure, while its debt finance partners have included institutions such as BNP Paribas and ING. Its diverse commercialisation strategies include CfDs and Capacity Auctions as well as long-term offtake contracts with blue-chip corporates.

About Siemens Financial Services
Siemens Financial Services (SFS) – the B2B financing arm of Siemens – provides financing that makes a difference. At SFS, we empower customers around the globe to access technology with purpose and increase their competitiveness. Based on our unique combination of financial expertise, risk management and industry know-how we provide tailored financing solutions – including flexible leasing and working capital products, project-related and structured financing, corporate lending, equity investments, finance advisory, as well as trade and receivables financing. With highly experienced and passionate teams in 20+ countries, SFS paves the way for industrial productivity, smart infrastructure and sustainable mobility, facilitates the energy transition and enables high-quality healthcare. SFS is also one of the leading providers in financing of renewable energy and resource-efficient industries.

About Erste Group
Erste Group is the leading banking group in Central Europe. Since its founding as the first Austrian savings bank in 1819, Erste has stood for financial inclusion and the promotion of economic prosperity. Today, the banking group serves around 23 million customers in eight core markets: Austria, Croatia, the Czech Republic, Hungary, Poland, Romania, Serbia and Slovakia.

Erste Group offers private, corporate, and institutional clients a broad range of banking and financial services – from retail and private banking to corporate and transaction banking, as well as asset management. In doing so, the Erste Group combines digital innovation with a strong branch network.