PAD-RES, a Polish developer which is majority-owned by Pan-European real estate investor Kajima Europe and private equity investment Griffin Capital Partners, has acquired debt financing to fund its 35 MW solar park project in Poland. The loan facility will be extended under a deal with the Polish subsidiaries of Spain’s Banco Santander and France’s BNP Paribas.
The recipient of the funding, the Genowefa photovoltaic (PV) project, is currently being installed near Kleczew, in the Konin County of the Greater Poland Voivodeship. The construction of the 45 hectares (111.2 acres) project began in April and is expected to be completed in the second quarter of 2023.
The developer has selected Electrum Concreo, a company based in Poland, as its general contractor and will benefit from state support secured in a domestic renewable energy auction. A power purchase agreement (PPA) has been secured by Norwegian renewable energy producer Statkraft A/S.
