Polish renewable energy developer PAD-RES will be acquired by a joint venture (JV) formed by real estate investor Kajima and private equity firm Griffin Real Estate.

Kajima Europe and Griffin have merged to form a joint venture to provide financing and development of solar and wind energy projects in Poland, capitalizing on the country's renewable energy boom, and acquiring a 72% stake in PAD-RES as part of the transaction.

The joint venture will further develop a portfolio of solar and wind energy projects that are in the development stage and ready, with a total power generation capacity of more than 500 megawatts, and will provide capital expenditure and equity financing for the portfolio in the next four years.

New projects and additional greenfield opportunities will also be pursued, and Griffin Real Estate will act as the co-owner and investment manager of the platform.

According to the terms of the transaction, PAD-RES founder Mariusz Adamczewski will continue to serve as a minority shareholder and CEO.

Adamczewski said that PAD-RES has 11 years of clean energy investment experience in the Polish renewable energy market, but he praised the acquisition's potential for further boosting its growth.

"I believe that obtaining such strong partners, their organizational support and financing will translate into further dynamic growth of our company, including more and more projects that generate the clean energy needed," he said.

Chris Gill, Kajima's Director of Projects and Investments, said that although renewable energy is still an "emerging industry" in Poland, the joint venture will see it as one of "the country and Poland as a pioneer in key growth areas." Central and Eastern Europe".

Poland remains one of the hottest solar markets in Europe, thanks to an attractive policy environment and a wider transition from fossil fuels to renewable energy generation. The cover story of PV Tech Power vol. 27 Discussed Poland's role as Europe's leading emerging market. Read the full story here.

PV Tech publisher Solar Media traveled to Poland in November to host the first Large-scale Solar Energy Central and Eastern Europe (LSS CEE) conference. The event will be held in Warsaw and will bring together investors, developers and EPCs from the European solar community. More detailed information about the event, including how to participate, can be found here.