KAJIMA’S RENEWABLES BUSINESS PAD RES SELLS 35 MW PHOTOVOLTAIC FARM IN POLAND TO ENEA

Located near Kleczew, Greater Poland Voivodeship, the Genowefa Photovoltaic Farm 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 hectares.

In recent months, the Enea Group has significantly increased its renewable energy production capacity, including acquiring photovoltaic farms in Tarnów and Tykocin, as well as recently constructing a new wind farm in Bejsce with a capacity of 19.8 MW. Simultaneously, Enea is working on additional acquisitions and its own projects (so-called greenfield projects), which are at various stages of development.

The transaction announced today is the latest in a series of transactions over the past few weeks, in line with Enea Group's strategy to increase its installed RES capacity, by investing in operating installations and projects under development. Within the scope of its own RES projects (so-called greenfield), work on the construction of PV farms is well advanced.

PAD RES is a joint venture between Kajima Europe and Griffin Capital Partners. The Genowefa PV farm is a milestone project, marking the first PAD RES development to be constructed, commissioned and sold since Kajima Europe and Griffin Capital Partners acquired the majority stake in September 2021.

The sale to Enea Group aligns with PAD RES’s 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, says: “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.”

Julian Rudd-Jones, Director at PAD RES Group, says: "We are happy to have partnered with Enea, one of Poland's largest energy groups and the second largest producer of electricity in Poland. Our joint mission is to actively participate in transforming the energy sector and developing renewable energy sources. 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.”