Griffin and Kajima jv sells Polish photovoltaic farm

Enea, one of the largest energy companies in Poland, has acquired the Genowefa photovoltaic farm from a joint venture between Griffin Capital Partners and Kajima.

Financial details were not disclosed.

Located near Kleczew, Greater Poland Voivodeship, the asset was developed by Pad Res, the clean energy development venture of Griffin and Kajima. The farm represents the JV's first development to be constructed, commissioned and sold since Kajima Europe and Griffin acquired a majority stake in the business in September 2021.

The asset is expected to produce more than 35,000 MWh of green energy annually in its first years of operation, providing clean energy for approximately 17,500 households. Construction of the site began in April 2022 and the farm started producing energy in August 2023. The plant consists of 65,420 panels and covers an area of about 40 ha.

Pawel Majewski, CEO of Enea said: 'Over the past months, we have declared a clear acceleration of our efforts to increase the Enea Group's installed capacity in renewable energy sources. Recent weeks and further investments, like the purchase of the Genowefa PV Farm, are a confirmation of the realization of our commitments and our contribution to the transformation of the energy sector.

'Our next installations are in the pipeline, and currently, we have projects within Group companies with specified connection conditions for about 525 MW. In 2024, we plan to have projects for about 800 MW with construction permits issued.'

The sale to Enea Group aligns with Pad Res’ business strategy, which involves actively pursuing new greenfield opportunities, acquisitions of early-stage development projects and taking these projects through construction, ensuring they are successfully commissioned to provide clean energy to Poland and investment opportunities to the global market.

Chris Gill, investments director & head of renewables at Kajima, said: 'Genowefa is a great example of Kajima's commitment to delivering vital clean energy for Poland.

'The sale of this PV farm to Enea Group shows the ongoing transformation of the Polish energy sector and the growing demand for renewable energy sources. Together with PAD-RES and Griffin Capital Partners, we plan to deliver more assets and strengthen our market position in Poland.'

Jedrzej Socha, senior vice president investments at Griffin Capital Partners, said: 'In deciding to enter the renewable energy market in Poland, we recognised the extensive opportunities for development and growth in this segment.'

Julian Rudd-Jones, director at Pad Res Group, added: 'Since 2022, we have acquired 13 projects with a total capacity of 450 MW with grid connection conditions, and we also have additional active investment plans – we are planning to start construction of another 140 MW of photovoltaic projects this year.'



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