Polish programmer PAD-RES gotten as JV targets nation's 'nascent' solar market

Sep 14, 2021 06:45 PM ET
  • Polish renewables programmer PAD-RES is to be acquired by a joint endeavor (JV) developed by investor Kajima as well as private equity company Griffin Real Estate.
Polish programmer PAD-RES gotten as JV targets nation's 'nascent' solar market
Image: pv-tech.org

Kajima Europe as well as Griffin have combined on the JV to fund as well as create solar and also wind projects in Poland, capitalising on a renewables rush in the country, and also has actually gotten a 72% stake in PAD-RES as part of the offer.

The JV is to additional develop a portfolio of development phase and shovel-ready solar as well as wind projects with an overall mixed generation capability in excess of 500MW, offering capex and also equity financing for the portfolio over the following 4 years.

New projects and also extra greenfield possibilities will likewise be pursued, with Griffin Real Estate acting as a co-owner as well as financial investment supervisor of the system.

Under the terms of the offer, PAD-RES creator Mariusz Adamczewski will certainly stay as a minority investor and Chief Executive Officer.

Adamczewski claimed PAD-RES held a recognized setting in the Polish renewables market with eleven years of experience performing on tidy energy investments, however admired the possibility for the procurement to aid drive its development better.

"I am persuaded that obtaining such solid partners, their organisational assistance and financing will certainly translate into more dynamic development of our firm including increasingly more projects producing such needed tidy energy," he said.

Chris Gill, projects and also investment supervisor at Kajima, stated while renewables stayed a "incipient sector" in Poland, the JV would see it become among the first moving companies in "what is set to be a vital development location for the country and also the entire of the CEE region".

Poland continues to be among Europe's best solar markets, driven by an appealing policy environment as well as a more comprehensive change far from nonrenewable fuel sources and also in the direction of renewables for power generation.