Kajima Europe and its partners in PAD-RES, a Polish developer of clean energy assets, Griffin Capital Partners and PAD-RES CEO Mariusz Adamczewski, have obtained financing for a 35-megawatt PV generation farm from Santander Bank Polska and BNP Paribas Bank Polska.
Construction of the 45-hectare Genowefa PV farm, in Kleczew, east of Poznan, started in April and will be complete in the second quarter of 2023.
Kajima Europe and private equity investment company Griffin Capital Partners acquired a majority stake in PAD-RES in September 2021. Since then, PAD-RES has acquired 13 projects with a total capacity of 350 MW with Grid Connection Conditions.
The Genowefa project has two income streams, through a Power Purchase Agreement (PPA) with Statkraft, Europe’s largest generator of renewable energy, and the RES auction in Poland.
“Making a long-term investment in delivering vital clean energy for Poland is a crucial part of Kajima’s business strategy,” said Chris Gill, investments director and head of renewables at Kajima. “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.”