Asset investor Kajima Europe and equity investment company Griffin Capital Partners have formed a joint venture (JV) to acquire a majority stake in Polish PV installation company Hymon.
After the transaction, Kajima Europe and Capital Partners will continue to increase Hymon’s market position with further product portfolio development and enter new markets. Also, Kajima Europe will be a majority investor in this acquisition, and Griffin Capital Partners will act as co-owner and investment manager. Hymon’s founder Jacek Strzesak will remain a 30% shareholder and supervisory board member.
“We recognise huge potential in the Polish renewable energy sources market, and through this partnership with Griffin, we will strengthen our presence in this dynamic emerging sector,” Chris Gill, investments director and head of renewables of Kajima Europe.
Hymon said it boasted an installed photovoltaic capacity of 472MW and has been in the Polish market since 2011 and completed 70,000 installations.
”The Polish RES market is developing rapidly. We believe that partnering with Griffin Capital Partners and Kajima Europe will allow us to continue to grow and enter new areas of activity,” said Strzesak.
The latest acquisition was another partnership between Griffin Capital Partners and Kajima Europe. In September 2021, both companies acquired a 72% stake in Polish renewables developer PAD-RES.
The JV further developed a portfolio of development stage and shovel-ready solar and wind projects with a total combined generation capacity in excess of 500MW, providing capex and equity financing for the portfolio over the next four years.