PAD-RES, a leading Polish developer in the clean energy asset space owned by Griffin Capital Partners, Kajima Europe, and Mariusz Adamczewski, has secured construction and investment financing for the photovoltaic farm Genowefa, which has a total capacity of 35 megawatts (MW) of renewable energy.
The construction of the Genowefa PV farm, which covers an area of 45 hectares, started in April 2022 in Kleczew, Poland. Financing for the investment comes from a loan agreement signed with Santander Bank Polska and BNP Paribas Bank Polska.
The general contractor for the scheme is Electrum Concreo. PAD-RES intends to complete the facility in 2Q 2023.
In September 2021, Kajima Europe, the pan-European real estate investment and development company and Griffin Capital Partners, a leading private equity investment company, acquired a majority stake in PAD-RES. Since then, PAD-RES has acquired 13 projects with a total capacity of 350 MW with Grid Connection Conditions. Genowefa marks the first project to go through construction since Kajima Europe and Griffin Capital Partner’s investment.
PAD-RES has secured two income streams for the Genowefa project – through a Power Purchase Agreement (PPA) with Statkraft, Europe’s largest generator of renewable energy, and the RES auction in Poland.
Chris Gill, Investments Director & Head of Renewables at Kajima, said: “Making a long-term investment in delivering vital clean energy for Poland is a crucial part of Kajima’s business strategy. The financing received for Genowefa is a great boost to the strong start made by PAD-RES and our ambitious plans for delivering renewable energy across Poland. We are excited for the future plans for this partnership and grateful to our partners in PAD-RES and Griffin for their continued support and cooperation.”
Jędrzej Socha, Senior Vice President of Investments at Griffin Capital Partners, said: “Genowefa is the most advanced project in our renewable energy portfolio. A substantial amount of work has been put in by PAD-RES, Kajima Europe and Griffin teams to develop the project to RtB status, secure PPA and financing and now manage construction. We are very satisfied with the whole process and the excellent cooperation with our partners. One of our biggest strengths is building strong, best-in-class management teams for portfolio companies. Cooperation with PAD-RES to date only proves that we have made a good investment decision last year.”
Mariusz Adamczewski, CEO of PAD-RES, said: “PAD-RES, Griffin’s joint project with Kajima Europe, is in growth mode. Since the closing of our transaction in September 2021 we have successfully acquired 13 projects with a total capacity of 350 MW, all of them with issued Grid Connection Conditions. Our strategy is to grow PAD-RES further and this track record proves our ability to do so.”