mBank supports the green transformation of the economy, among others through providing financing to projects which reduce the emissions of greenhouse gases.
In December 2018, we approved the Credit Policy of mBank S.A. concerning the financing of renewable energy installations and we decided to allocate PLN 500 million for this purpose. In 2020, we doubled the credit limit for financing renewable energy sources twice: in March to PLN 2 billion, and in December – to PLN 4 billion. The current limit puts mBank among the leaders in financing the energy transition in Poland.
At mBank, we finance investments in renewable energy sources both under the auction support system and outside the auction system. In 2020, mBank financed investments in the field of photovoltaics (photovoltaics, PV), allocating approximately PLN 440 million for this purpose. In the discussed period, mBank also granted financing for wind farms in the amount of PLN 790 million. At the end of 2020, the level of use of the RES limit from the beginning of the policy implementation was 49%. The value of all financing by mBank was PLN 1,970 million. This includes PLN 720 million for PV projects, PLN 1,180 million for wind farms and PLN 70 million for biogas plants, both within and outside the policy. This translates into approx. 1,440 MWp of clean energy per year.
One of the largest transactions carried out by mBank in 2020 is another agreement for financing R.POWER solar projects. mBank granted a loan for this purpose worth PLN 102 million. This is the third agreement between the parties to finance solar farm projects. The total value of all loans granted to the R.POWER Group by mBank reached PLN 355 million. The latest round of financing R.POWER group projects will be allocated to the construction of 32 power plants with a total capacity of 29.4 MWp, located across Poland.
Our subsidiary mLeasing has also launched financing for solar panels. The solution is addressed to small and medium-sized enterprises allowing them to cut electricity bills by as much as 70% thanks to green energy. In line with the new regulations enterprises can be prosumers of electrical energy. Importantly, the initial financial contribution of an enterprise to a solar power investment is low, while lease instalments can be classified as tax deductible expenses. Enterprises using solar panels can largely avoid the consequences of rising energy prices.
The new solutions launched by mBank’s leasing company allow enterprises to finance photovoltaic systems worth up to PLN 250,000 with a maximum capacity of 50 kW. The maximum lease period is 6 years. The enterprise is required to make a financial contribution of 10% of the value of the investment. The decision to grant financing is issued by mLeasing within one business day.