Kajima and Griffin Real Estate announce JV to develop renewable energy projects in Europe

Kajima and Griffin Real Estate (GRE) have expanded its partnership by forming a joint venture to finance and develop renewable energy projects located in Poland. The JV has acquired a 72% stake in PAD-RES, a leading developer in the clean energy asset space in Poland. The JV plans to focus on further development of PAD-RES’s renewable energy portfolio, which will place the platform at the forefront of the country’s emerging renewable energy sector. This will include solar and wind projects at various stages of advancement, both in development stage and ready-to-build, with operational renewable capacity exceeding 500 MW.

The JV will provide capital expenditure and development equity financing for the platform, which will develop the existing portfolio in 2021 – 2025, with a view to acquire new projects and pursue greenfield opportunities. Griffin Real Estate will act as a co-owner and investment manager of the platform. Mariusz Adamczewski, founder of PAD-RES, will remain as a minority investor and CEO.

Chris Gill, Projects & Investment Director at Kajima, said: “Renewable energy is a nascent sector in Poland, and we are hugely excited to be working with this partnership and to be among the first movers in what is set to be a key growth area for the country and the whole of the CEE region. The transfer to clean energy is not only about making a sound, long-term investment, but it’s about taking responsibility. The climate emergency is the greatest challenge facing our generation and switching to renewables is one of the most significant steps to be taken in reducing carbon emissions.”

Nebil Senman, Managing Partner at Griffin Real Estate, said: “We are excited to expand our investing business through this partnership to explore opportunities in one of the most critical sectors of the modern world. This venture is a unique combination of partners that are able to build sustainable competitive advantage and further capitalise on the development of clean energy projects.”

Maciej Dyjas, Managing Partner at Griffin Real Estate, added: “The acquisition of a controlling stake in PAD-RES, a developer that is well-poised for growth in the energy sector, creates a possibility to deploy equity and deliver profits in this fast-growing segment of economy.”

Mariusz Adamczewski, founder and CEO of PAD-RES, said: “PAD-RES is a company with established position on the Polish renewable energy market and with eleven years of experience in the preparation and execution of clean energy investments. Our greatest asset is a team of experts, thanks to whom we can manage operations at every stage of project implementation. I am convinced that gaining such strong partners, their organisational support and financing will translate into further dynamic growth of our company including more and more projects generating such needed clean energy.”

The JV partners were advised by Ernst & Young (commercial, financial and tax advice), Clifford Chance, Rymarz Zdort and DWF (legal advice), and Wind Prospect (technical advice).