PAD RES Group, a Polish renewable energy developer and investor, majority-owned by a joint venture between Kajima Partnerships and Griffin Capital Partners, has completed the sale of a portfolio of photovoltaic (PV) assets with a total installed capacity of 255 MW to Çalık Renewables. As part of its European growth strategy, Çalık Renewables is thereby making its first investment in renewable energy in Poland, increasing its international installed renewable capacity to over 400 MW.

The sold assets (the Sztum and Stargard projects) are located in the Pomeranian and West Pomeranian regions and comprise fully operational installations. The total annual generation capacity of the PV farms exceeds 270,000 MWh, which is sufficient to cover the annual electricity demand of more than 90,000 households. PAD RES Group will continue to provide asset management services for the sold photovoltaic projects over the coming years. In parallel with the transaction, the parties have entered into a cooperation agreement under which PAD RES Group will develop energy storage projects and wind farms implemented under a cable pooling model, in line with Çalık Renewables’ long-term investment plans in the Polish market.

– Poland is a strategic market that has been underpinning its strong and stable economic growth with a determined energy transition in recent years. This investment by Çalık Renewables clearly demonstrates Çalık Group’s long-term commitment to sustainable economic growth and the green energy transition in Poland. We view Poland as the strategic cornerstone of our expansion and long-term growth across EU – said Emre Erdoğan, General Manager of Çalık Renewables.

Çalık Renewables made its first international renewable energy investment with the Zatric Wind Power Plant in Kosovo, which is currently under construction. The company expanded its investment further with Sztum and Stargard projects in Poland. Supporting Çalık Group’s sustainability-driven investment approach, Çalık Renewables continues to strengthen its commitment to environmental responsibility and energy transition. With its integrated renewable energy portfolio, the company is pursuing its international growth strategy with determination, particularly in Europe. Çalık Group is also active in Poland through its subsidiary Çalık Enerji, which, serving as the EPC contractor, will undertake the construction of 1.3 GW capacity, hydrogen-ready combined cycle gas power plant (CCPP) project in Kozienice. The project is being developed as part of the Enea Group’s Development Strategy through 2035 by Enea Group which is one of the leaders in the Polish power market in terms of electricity generation.

The transaction is in line with PAD RES Group’s strategy of active renewable energy portfolio management, which includes both the long-term ownership of selected assets, reflecting the Group’s ambition to operate under an IPP model, as well as the rotation of certain projects to finance the further development of its project pipeline and new investments.

– The sale of a fully operational portfolio of photovoltaic farms is fully consistent with PAD RES Group’s long-term approach to portfolio development, whose primary objective is to develop a multi-technology renewable energy platform, aligned with the Group’s long-term vision for a future IPP model (PV, wind, biogas and BESS). We have delivered renewable energy projects through the full lifecycle - from development and construction to the operational phase – many times, but we believe a project’s journey does not end there. Every utility-scale PV project offers further optimisation potential, whether through the deployment of BESS or through cable pooling combined with other green power generation technologies. This transaction primarily enables us to release capital for further renewable energy investments and, at the same time, diversify our generation assets, working towards a renewables mix that is optimal for today’s and tomorrow’s electricity market – said Mariusz Adamczewski, CEO, Founder and Minority Shareholder of PAD RES.

– This transaction reflects Kajima’s commitment to supporting PAD RES Group’s long-term growth and its ambition to become a leading multi-technology renewable energy platform. By recycling capital from operational assets, PAD RES can accelerate the development of new projects, including battery storage and wind, which are critical to Poland’s green energy transition. Our partnership demonstrates how long-term investment can drive innovation and deliver a diversified renewables mix that strengthens energy security and supports sustainable economic growth – said Chris Gill, Managing Director at Kajima Partnerships.

– From an investor’s perspective, it is essential today not only to develop new installations, but also to ensure their efficient operation within the power system and the long-term stability of projects. The model implemented by PAD RES Group - focused on the further development of existing renewable assets through cable pooling and their enhancement with energy storage – allows for more efficient use of existing infrastructure and increases asset value across the entire lifecycle. This approach underpins a long-term investment strategy in the renewable energy market – adds Jedrzej Socha, Director at Griffin Capital Partners.

In September 2021, a joint venture formed by Kajima Partnerships and Griffin Capital Partners acquired majority shares in PAD RES, Poland’s leading clean energy developer.