PAD RES has closed a financing agreement with the Polish Development Fund (PFR) for c. €54m. The funding will be allocated to the construction of two photovoltaic farms, with a combined capacity of 117 MW, in northern Poland.
The financing secured from PFR will be used for two new PAD RES investments in the Pomeranian Voivodeship, specifically near the towns of Sztum and Mikołajki Pomorskie. The planned photovoltaic farms will cover an area of about 1,400,000m2 and have a total target capacity of 117 MW, enabling up to 65,000 Polish households to be supplied with clean energy.
Through this cooperation, the partners will pursue sustainable development goals, promoting green energy sources and reducing CO2 emissions in Poland. These efforts will have a positive impact on the quality of life for the region's residents and make significant contributions to the country's climate goals in the coming decades.
In September 2021, Kajima Europe and Griffin Capital Partners acquired majority shares in PAD RES. Since then, the company has been systematically expanding its portfolio.
Electrum has been chosen as the general contractor for both investments. PAD RES and Electrum have previously collaborated on the 35 MW Genowefa photovoltaic farm in Kleczew, Central Poland.
Michal Pryca, Chief Financial Officer at PAD RES, said: “We are confident that our cooperation with PFR will strengthen our position in the market. We recently announced the launch of two new investments in the Pomeranian Voivodeship, and now we are pleased to disclose that they have received PLN 240m in financing from PFR. We are very grateful for this trust and believe that through our partnership with PFR, we will not only expand our portfolio but also contribute to the further development of the renewable energy sector in Poland”.
Tomasz Mrowczyk, Co-Managing Partner at Griffin Capital Partners, added: "We are continuously expanding our portfolio, which includes investments in photovoltaic and wind projects at various stages of completion, including those in the development phase and those ready for construction. With a secured connection capacity exceeding 500 MW, the PFR financing enables us to maintain our strategy and emphasises the further growth of our renewable energy portfolio in Poland”.
Chris Gill, Investment Director & Head of Renewables at Kajima, said: “The funding from PFR demonstrates the strength of PAD RES in the market as a trusted developer of renewable energy sources in Poland. Long-term investment in sustainable development is vital to Kajima’s business strategy in creating renewable energy projects and supporting Poland’s transition to clean energy.”
Bartłomiej Pawlak, Vice-President of the Board of the Polish Development Fund, added: “At PFR, we prioritize investments in sustainable development. One of our key strategic goals is to support Poland's energy transition by investing in renewable energy projects. Our mission is to assist Polish companies operating in this sector, as every investment in green energy is an important step towards improving our country's energy security”.
