Pad-Res has obtained financing for the construction of a 35 MW PV farm in Central Poland

Pad-Res - a Polish developer in the clean energy sector owned by Griffin Capital Partners, Kajima Europe and Mariusz Adamczewski - has obtained financing for the construction of a Genowefa solar farm with a total capacity of 35 MW, the company said. The financing of the investment is ensured by a loan agreement signed with Santander Bank Polska and BNP Paribas Bank Polska.

The construction of the Genowefa photovoltaic farm with an area of ​​45 ha, located in Kleczew, began in April this year. The general contractor of the facility is Electrum Concreo. Pad-Res intends to complete the construction of the solar farm in Q2 2023, according to the material.

In September 2021, Kajima Europe, a pan-European real estate investment and development company, and Griffin Capital Partners, a private equity investment firm, acquired a majority stake in Pad-Res. Since then, it has acquired 13 projects with a total capacity of 350 MW with positively considered applications for connection conditions to the transmission network. Genowefa is the first investment carried out by Pad-Res since the developer was taken over by Kajima Europe and Griffin Capital Partners.

“The implementation of long-term investments to provide clean energy, necessary for Poland, is a key element of Kajima's business strategy. The funding obtained for Genowefa is an excellent support for Pad-Res's debut in Poland and confirmation of our ambitious plans to provide green energy in this country, ”said investments director & head of renewables in Kajima Chris Gill, quoted in the release.

“Genowefa is the most advanced project in our RES investment portfolio. The Pad-Res, Kajima Europe and Griffin teams have put a lot of effort into developing this project to a ready-to-build status, securing the PPA and securing financing, and now construction management. We are very pleased with the whole process and excellent cooperation with our partners ”- added senior vice president investments at Griffin Capital Partners Jędrzej Socha.

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