PAD RES is a joint venture between Griffin Capital Partners and Kajima Europe.
AD RES, a leading Polish developer in the clean energy sector, will construct two photovoltaic farms in the Pomeranian Voivodeship with a total capacity of 117 megawatts (MW). These two new investments by PAD RES will be located in the Pomeranian Voivodeship, specifically near Sztum and Mikołajki Pomorskie. The combined capacity of these projects will be 117 MW, covering an area of approximately 140 hectares, and they will have the capacity to power 65,000 households.
Electrum, a climate tech focused technological consulting group, has been appointed as the general contractor for both projects. PAD RES and Electrum previously collaborated on the solar farm construction of the 35 MW photovoltaic farm in Kleczew, central Poland.
In September 2021, Kajima Europe and Griffin Capital Partners acquired a majority stake in PAD RES. Since then, the company has consistently expanded its portfolio. Currently, PAD RES holds projects with a combined capacity exceeding 500 MW, all of which have received positive approvals for grid connection conditions.
With the addition of upcoming photovoltaic projects with a total capacity of 140 MW, construction of which will begin this year, PAD RES is implementing a strategy focused on expanding its portfolio of renewable energy projects.
– The renewable energy market in Poland is growing, and upcoming changes in the energy mix will require the development of new renewable energy capacity. At Griffin Capital Partners, we see this sector as particularly attractive, and through the PAD RES platform, we can actively participate in Poland’s green transformation. Our two new investments, with a combined capacity of 117 MW, significantly enhance our portfolio – says Jędrzej Socha, Senior Vice President Investments at Griffin Capital Partners.
– In Poland, intensive efforts are underway to diversify the national energy mix, with a strong emphasis on zero-emission sources that are expected to play a significant and dominant role in this process. The two new photovoltaic farms in Sztum and Mikołajki Pomorskie are part of our ambitious plans to develop renewable energy sources in Poland and contribute to the country’s transformation towards a green future – says explains Chris Gill, Investments Director & Head of Renewables at Kajima.
– We are pleased to announce the agreement with Electrum. This marks our second joint venture, as Electrum is also the general contractor for the 35 MW photovoltaic farm currently under construction. Our strategy focuses on further developing our renewable energy portfolio, which includes both photovoltaic and wind projects. We plan to commence the construction of new projects with a capacity of 140 MW later this year – says Wojciech Jasiński, Director of Construction at PAD RES.
– We are delighted to have the opportunity for another collaboration with PAD RES. Our previous relationship has reached a milestone, marking the beginning of a continued, long-term partnership that brings mutual benefits. We are currently in the final stages of constructing a 35 MW photovoltaic power plant in Kleczew, and we proudly announce new joint projects with a capacity more than three times larger. Investments in Pomerania are of great importance to our business, and I am convinced that there will be further opportunities for collaboration between our companies in the future – adds Jacek Popławski, Director of Strategy and Development at Electrum Holding.
About Griffin Capital Partners
Griffin Capital Partners is the largest private equity and real estate asset management company in Central and Eastern Europe. The company is a pioneer in many innovative concepts and formats it has introduced to the market. The company’s strategy is to create investment platforms from scratch or acquire and develop existing companies to become leaders in their respective markets. Griffin achieves this through the implementation of appropriate strategies and strong management teams, helping to build platform value through organic growth. Griffin invests on behalf of its owners as well as renowned international investors. The gross asset value managed by Griffin Capital Partners within sixteen actively and three passively managed platforms exceeds 8 billion euros, and the total invested capital is over 3.5 billion euros.
About Kajima Europe
Kajima Europe is a pan-European investor, general contractor, developer, and property manager with a portfolio of assets valued at around £10 billion (AUM). From homes to hospitals, from educational spaces to workplaces, from public utility buildings to care facilities, Kajima designs places with people in mind.
Kajima Europe, headquartered in London, seeks investment opportunities in individual projects using the substantial resources of the dominant company (Kajima Corporation), and collaborates with existing and new partners to develop, invest in, and increase equity in a diverse range of assets.
Kajima operates in six key sectors: office, logistics, residential, social infrastructure, revitalization, and renewable energy, providing solutions for both the public and private sectors. Recent achievements include the rapid expansion of Kajima’s logistics business with new facilities in France, Germany, Italy, the Netherlands, Poland, and Spain.
In addition to its existing construction structures in Poland and the Czech Republic, Kajima opened a new office in Warsaw in 2022, where it also established a renewable energy developer company, PAD RES, in a joint venture with Griffin Capital Partners. In the residential sector, Kajima has recently expanded its portfolio of rental properties and purpose-built student accommodation, undertaking new projects in Dublin, Ireland, and Gdańsk, Poland.
About Electrum
Electrum Group is a leading Polish Climate Tech company based in Białystok, offering comprehensive solutions for the development, construction, and management of projects in the energy and information technology sectors. Thanks to the advanced technological knowledge of its experts, the company can deliver products and services that respond to the changing needs of the industry and business in the midst of the ongoing energy transformation.
Electrum Group creates and implements solutions and projects based on the concept of an individual energy mix, balancing the social and environmental responsibility of business with economic aspects.
About PAD RES
PAD RES is a Polish developer of clean energy specializing in projects related to renewable energy, infrastructure investments, and commercial real estate. Founded in 2010, the company successfully manages the development of its investments from inception to the “ready for construction” or “ready for operation” stage. In September 2021, the majority of PAD RES shares were acquired by Griffin Capital Partners and Kajima Europe. Shareholders plan to focus on further developing PAD RES’s portfolio, which includes investments in photovoltaic and wind projects at various stages of development, both in the development phase and ready for construction, with a total secured connection capacity exceeding 500 MW. This portfolio places the platform at the forefront of the growing national renewable energy sector.
