PAD RES secures US$60 million financing for 117MW Polish solar PV

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An operational solar asset within the ‘Basket B’ portfolio of projects brought forward by PAD-RES and Claritas Investments in Poland. Image: Claritas.

Polish renewables developer PAD RES has secured PLN240 million (US$58.7 million) in financing for the construction of 117MW PV plants in Poland.

Consisting of two solar plants located in the northern province of Pomerania, the Polish developer secured the funds from the Polish Development Fund (PFR).

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Since its acquisition in 2021 from Kajima Europe and Griffin Capital Partners, the developer has continued to increase its solar portfolio with the construction of these two projects announced earlier this month.

Tomasz Mrowczyk, co-managing partner at Griffin Capital Partners, said: “We are continuously expanding our portfolio, which includes investments in photovoltaic and wind projects at various stages of completion, including those in the development phase and those ready for construction. With a secured connection capacity exceeding 500MW, the PFR financing enables us to maintain our strategy and emphasises the further growth of our renewable energy portfolio in Poland.”

Consulting group Electrum has been selected as the general contractor for both projects, building on a previous collaboration between both companies on a 35MW solar PV project in Kleczew, central Poland.

Poland has fast become one of the leading countries in Europe in terms of installed solar capacity with more than 12.5GW in total as of the end of 2022, according to data from trade association SolarPower Europe. The country has already far exceeded its solar target outlined in its national energy and climate plans (NECP) – set at 7.3GW by 2030 – which needs to be updated yet, along with other countries such as Germany and France among others.

Several countries have already sent an updated draft to the European Commission, among which Spain with a 76GW solar PV target by 2030 and nearly doubling the previous target or Portugal which also revised its solar target upwards with an expected 20.4GW of solar PV capacity installed by 2030.

Earlier this year PV Tech Premium dedicated a two-part series about the country’s raise to third largest solar PV market in Europe which can be read here (for part 1) and here (for part 2).

PV Tech publisher Solar Media will be organising the third edition of Large Scale Solar CEE in Warsaw, Poland during 14-15 November 2023. The event will focus on Eastern Europe with a packed programme of panels, presentations and fireside chats from industry leaders responsible for the build out of solar and storage projects in Poland, Bulgaria, Romania, Greece and Hungary. More information, including how to attend, can be read here.

26 November 2024
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

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