Kajima, Griffin take majority stake in Polish solar installer Hymon

Pan-European real asset investor Kajima Europe and private equity investor Griffin Capital Partners have acquired a 70% stake in Polish solar installer Hymon, the buyers said on Tuesday.

Being one of the largest photovoltaic (PV) installation groups in its home country, Hymon is focused on the rooftop market, handling orders for residential, industrial and corporate clients. The company was set up in 2011 and since then it has built more than 70,000 solar plants with a combined capacity of 472 MW. Its workforce totals 300 people.

The investment in Hymon was carried out through a joint venture (JV) between Kajima and Griffin, forming a platform that is majority-held by Kajima. Griffin will act as co-owner and investment manager. Jacek Strzesak, the founder of Hymon, will keep a 30% shareholding.

“We recognise huge potential in the Polish RES market, and through this second renewables sector-based partnership with Griffin, we will strengthen our presence in this dynamic emerging sector,” said Chris Gill, investments director and head of Renewables at Kajima.

London-based Kajima and Griffin are majority owners of Polish solar and wind project developer PAD-RES. The duo took control of PAD-RES through a newly-created renewables joint venture (JV) that bought 72% of the business in September 2021.

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