Kajima, Griffin Real Estate buy majority in Polish renewables developer

Pan-European real estate company Kajima Europe and private equity investor Griffin Real Estate have taken control of Polish clean energy firm PAD-RES through a newly-created renewables joint venture.

The JV has bought a 72% ownership interest in the Polish firm, which has investments in solar and wind projects at various stages of advancement, both in the development stage and ready to build, that surpass 500 MW of total capacity. Mariusz Adamczewski, the founder of PAD-RES, will continue to be a minority investor and CEO.

The transaction forms a renewable energy platform that will be backed by capital expenditure and development equity financing from the JV partners. Said platform will be focused on the development of the existing portfolio in 2021-2025 and on adding new projects through acquisitions and greenfield opportunities.

Griffin Real Estate will serve as a co-owner and investment manager of the platform, the announcement says.

The JV partners were advised by Ernst & Young, Clifford Chance, Rymarz Zdort and DWF, and Wind Prospect.

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