Canadian-headquartered power producer Northland Power has secured approximately PLN 500 million (USD 127.7 million / CAD 185 million) in project financing for its 200 MW / 800 MWh Mieczysławów and 100 MW / 400 MWh Kamionka battery energy storage system (BESS) projects in Poland.
Financing for the two projects, which are currently under construction and have a combined capacity of 300 MW/1.2 GWh, was provided by a consortium of four Canadian and Polish financial institutions. International law firm A&O Shearman advised the lender group, while Clifford Chance Poland advised Northland Power on the transaction.
A&O Shearman revealed that each project was financed through a “project finance structure comprising term loan and revolving credit facilities, including VAT, debt service reserve and bridge facilities, supported by a comprehensive security package,” meaning credit facilities to cover VAT payments while waiting for tax refunds, maintain debt repayment reserves, and provide temporary funding as other funds enter.
“Securing financing for Kamionka and Mieczysławów completes the funding structure for both projects and marks another important milestone in Northland’s growth in Poland,” said Jeff Hart, CFO of Northland Power.
“These transactions demonstrate the growing maturity of the Polish energy storage market and the strong appetite among lenders to support this sector,” said A&O Shearman partner Tomasz Kawczynski.
In addition to the debt financing, the projects have secured approximately PLN 280 million (USD 71.5 million) in grants from Poland’s National Fund for Environmental Protection and Water Management. The company said it had already fulfilled its equity commitments using corporate cash and available funding.
Northland Power estimates total costs for Mieczysławów and Kamionka to be approximately PLN 1 billion (USD 254 million).
“Securing financing for Kamionka and Mieczysławów completes the funding structure for both projects and marks another important milestone in Northland’s growth in Poland,” said Jeff Hart, chief financial officer of Northland Power.
Both projects were acquired in November 2025 as late-stage, pre-construction projects. A portion of revenues will be contracted under 17-year inflation-indexed auction agreements, alongside opportunities in energy arbitrage and ancillary services markets.
The company expects Kamionka to begin commercial operations in early 2028, followed by Mieczysławów in mid-2028. As the company is publicly traded in Canada, it also provided projections in line with investor disclosures, saying that once operational, the projects are expected to generate between CAD 40 and 50 million or between USD 28.5 and 35 million, in combined annual adjusted EBITDA.
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