Poland's PAD RES bags Rgreen debt for 76 MWp of solar projects

Polish clean energy developer PAD RES has obtained EUR 38 million (USD 40.7m) in debt financing to back the construction of 76 MWp of solar parks in its home country, to be initially operated on a fully merchant basis.

The bridge loan was provided by French independent asset manager Rgreen Invest, with the package secured through a structured process led by Capcora. The transaction was announced on Monday by the Frankfurt-based consultancy, which served as PAD RES’ financial advisor.

The fresh capital is earmarked for 14 photovoltaic (PV) projects across Poland, of between 1 MWp and 14 MWp each. The capacity is planned to be installed over the next 18 months, with their construction planned to be finalised by the end of 2024. While they will initially be run on a merchant basis, the plants could later sell their electricity via power purchase agreements (PPAs), upon their owner’s discretion.

PAD RES has already started building the first projects in the portfolio.

Polish investor Griffin Capital Partners and real estate developer Kajima Europe acquired in September 2021 a majority stake in PAD RES, retaining as co-owner, founder and CEO Mariusz Adamczewski. The renewable energy firm currently has over 500 MW of solar and wind projects in its portfolio, including schemes under development and with a shovel-ready status.

(EUR 1.0 = USD 1.072)

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