Polish developer PAD-RES, majority-owned by Pan-European real asset investor Kajima Europe and private equity investor Griffin Capital Partners, has secured debt financing to bankroll a 35-MW solar park project in Poland.
The loan facility will be extended under an agreement with the Polish subsidiaries of Spain’s Banco Santander and France’s BNP Paribas, the project developer announced on Tuesday.
The fresh funds are earmarked for the Genowefa photovoltaic (PV) project, which is currently under construction in Kleczew, in Greater Poland Voivodeship’s Konin County. Building works on the project, which spans 45 hectares (111.2 acres), were initiated in April and are planned to be finalised in the second quarter of 2023.
Poland-based Electrum Concreo has been hired as the general contractor for the project, which will benefit from state support secured in a domestic renewable energy auction. A power purchase agreement (PPA) for the plant's output is in place with Norwegian renewable energy producer Statkraft A/S.
London-based Kajima Europe and Griffin Real Estate took control of PAD-RES through a newly-created renewables JV in September last year. Since then, the Polish clean energy entity has bought 13 projects with grid-connection conditions with a combined capacity of 350 MW.
“Our strategy is to grow PAD-RES further and this track record proves our ability to do so.” said Mariusz Adamczewski, minority investor and CEO of PAD-RES.
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