Rymarz Zdort advised Griffin Real Estate on the conclusion of a joint venture agreement with Kajima Europe involving the financing and development of renewable energy projects located in Poland. As part of the deal, the joint venture (the “JV”) created under the agreement acquired a 72% stake in PAD-RES, a leading developer in the clean energy asset sector in Poland.
The companies plan to focus on the further development of PAD-RES’ renewable energy portfolio, which comprises investments in solar and wind projects at various stages of implementation, both in the development stage and ready to build, with an operational renewable capacity exceeding 500MW. The portfolio places the platform at the forefront of the country’s renewable energy sector.
The JV will provide capital expenditure and development equity financing for the platform, which will develop the existing portfolio in 2021 – 2025, with a view to acquiring new projects and pursuing greenfield opportunities. Griffin Real Estate will act as a co-owner and investment manager of the platform. Mariusz Adamczewski, founder of PAD-RES, will remain as a minority investor and CEO.
Griffin Real Estate is the largest privately owned innovative investment and asset manager in private equity specialised in real estate in CEE, originating and introducing several new concepts and formats to the market. The Company invests and manages its investment platforms on behalf of both its owners and its renowned international investors and strategic partners. The gross asset value of Griffin-managed investments across ten different platforms exceeds EUR 5 billion with a total invested equity of over EUR 2 billion.
Kajima Europe Limited is a wholly-owned subsidiary of Kajima Corporation, headquartered in London, managing subsidiaries in the UK, the Czech Republic, France and Poland. Its principal activities are property investment, development and construction.
The team advising on the transaction was headed by managing partner Paweł Zdort, who was supported by counsel Jakub Krzemień and associate Małgorzata Deruś.