Here’s the English translation:
Çalık Renewables with strategic investment in Poland: acquires portfolio of photovoltaic farms with total capacity of 255 MW from PAD RES Group
PAD RES Group, a Polish developer and investor in the renewable energy sector, in which the majority stake is held by a joint venture created by Kajima Partnerships and Griffin Capital Partners, has finalized the sale of a portfolio of photovoltaic (PV) assets with a total installed capacity of 255 MW to Çalık Renewables. In implementing its adopted development strategy in Europe, Çalık Renewables is thereby making its first investment in renewable energy sources in Poland, increasing its foreign installed capacity in RES to over 400 MW.
The sold assets (Sztum and Stargard projects) are located in the Pomeranian and West Pomeranian voivodeships and include operational installations. The total annual production capacity of the PV farms is over 270,000 MWh, which will cover the annual electricity demand of over 90,000 households. PAD RES Group will continue to be responsible for asset management of the sold photovoltaic projects for the coming years. In parallel with the transaction, the parties entered into a cooperation agreement, under which PAD RES Group will develop energy storage projects and wind farms implemented in a cable pooling formula, in accordance with Çalık Renewables’ long-term investment plans in the Polish market.
– “Poland is a strategic market that in recent years has been supporting its strong and stable economic development through decisive energy transformation. Çalık Renewables’ new investment clearly demonstrates Çalık Group’s long-term commitment to sustainable development and green energy transformation in Poland. We view Poland as a strategic pillar of our expansion and long-term growth in the European Union,” says Emre Erdoğan, CEO of Çalık Renewables.
Çalık Renewables made its first international investment in RES through the construction of the Zatric wind power plant in Kosovo. The project is currently under implementation. The acquisition of assets in Sztum and Stargard in Poland is another step in the development of the RES portfolio. Supporting Çalık Group’s sustainable development goals, Çalık Renewables is constantly strengthening its commitment to environmental responsibility and energy transformation. Through an integrated RES portfolio, the company is consistently implementing its international growth strategy, with particular emphasis on Europe. Çalık Group is also present in Poland through its subsidiary Çalık Enerji, which – as an EPC contractor – will implement a 1.3 GW CCGT gas-steam power plant project in Kozienice, with units ready for hydrogen co-firing. The project is being developed by Enea as part of the Enea Group Development Strategy until 2035.
The transaction is in line with the implementation of PAD RES Group’s strategy, which assumes active management of the RES asset portfolio – including both long-term maintenance of selected installations, reflecting the Group’s ambition to operate in an IPP model, as well as rotation of some projects to finance further pipeline development and new investments.
– “The sale of a fully operational portfolio of photovoltaic farms is consistent with PAD RES Group’s long-term approach to asset portfolio management, which assumes the development of a multi-technology energy platform, in line with the Group’s long-term vision for the future IPP model (PV, wind, biogas, BESS). We have already gone through the path of an RES project from the development phase, through construction, to the operational phase many times, but this is not where the project’s life ends. Each large-scale PV project requires further optimization, whether within the available BESS technologies or cable pooling based on another green energy generation technology. This transaction allows us, above all, to release capital for further RES investments and simultaneously diversify our generation assets, striving for a mix of RES sources optimal for the current and future electricity consumer market,” comments Mariusz Adamczewski, President of the Management Board and Founder and minority partner of PAD RES.
– “This transaction reflects Kajima’s commitment to supporting the long-term development of PAD RES Group and its ambition to become a leading, multi-technology platform in the field of renewable energy sources. Through the redeployment of capital from operational assets, PAD RES can accelerate the development of new projects, including energy storage and wind energy, which are crucial for Poland’s green energy transformation. Our partnership demonstrates how long-term investments can stimulate innovation and enable the construction of a diversified RES mix, strengthening energy security and supporting sustainable economic growth,” comments Chris Gill, Managing Director of Kajima Partnerships.
– “From an investor’s perspective, what is key today is not only developing new installations, but also their efficient functioning in the energy system and the long-term stability of projects. The model implemented by PAD RES Group, based on the further development of existing RES installations in a cable pooling formula and supplementing them with energy storage, allows for better utilization of existing infrastructure and increasing asset value throughout their life cycle. It is precisely this approach that forms the foundation of a long-term approach to investment in the RES market,” adds Jędrzej Socha, Director at Griffin Capital Partners.
In September 2021, a joint venture created by Kajima Partnerships and Griffin Capital Partners acquired a majority stake in PAD RES, a leading Polish clean energy developer.
***
About Çalık Group and Çalık Renewables
Çalık Group operates in the energy, construction, mining, textile and finance sectors, providing employment for over 30,000 people, including external service providers, and conducting business in 34 countries worldwide. Thanks to its presence in various regions of the world, Çalık Group is valued for its reputation, reliability and long-term cooperation with international companies. The Group is constantly developing, creating innovative business models and achieving sustainable growth in the sectors in which it operates.
Çalık Renewables is a company of Çalık Group that develops and manages investments in renewable energy sources, striving to build a sustainable future. Operating in Turkey and various regions of the world through wind, hydroelectric and solar projects, Çalık Renewables aims to support energy transformation and make a real contribution to climate change mitigation efforts. Implementing projects in accordance with international standards, the company places environmental and social responsibility at the center of its business model and continues its expansion in global markets.
About PAD RES Group
PAD RES Group is a Polish developer and investor in clean energy sources that specializes in large-scale RES projects and grid-distribution investments. Founded in 2010, the company successfully develops its investments from scratch to the operational stage and manages operating projects, in line with its long-term ambition to operate in an independent power producer (IPP) model. The Group plans to focus on further development of the PAD RES portfolio, which consists of investments in photovoltaic and wind projects, as well as energy storage and biogas, at various stages of advancement – both in the development phase and ready for construction. The company has obtained building permits for projects with a total capacity of approximately 1000 MW and grid connection conditions for various energy projects with a total capacity of over 2500 MW.
About Griffin Capital Partners
Griffin Capital Partners is a private investor and asset management firm in the private equity and real estate market in Central and Eastern Europe, Germany and other selected EU countries. It is the largest, most active and innovative investor of this type in the Central and Eastern Europe region. Thanks to its extensive experience and broad know-how, Griffin Capital Partners provides comprehensive support to international investors interested in investments in Central and Eastern Europe, Germany and other selected Western European markets. Griffin Capital Partners’ partners have a long and successful history of investing and asset management in Europe and the USA. The gross value of assets managed by Griffin Capital Partners within nineteen investment platforms exceeds 8 billion euros, and the total value of equity capital invested over the past 10 years amounted to over 4 billion euros.
About Kajima Partnerships
Kajima Partnerships (KPL) is an investor, developer and project manager, focusing on investments with positive social impact. The company has an extensive portfolio of projects implemented in the United Kingdom, Ireland and other European countries. It includes social infrastructure projects with a total implementation value exceeding £1.5 billion, as well as renewable energy initiatives, within which Kajima Partnerships aims to develop projects with a total capacity of over 3.5 GW in Europe. In the United Kingdom, the company, within the Taiyo Power & Storage joint venture with Low Carbon Alliance, implements large-scale photovoltaic projects and energy storage on an area of over 600 hectares, which allows for powering approximately 140,000 households annually. In Poland, Kajima Partnerships, together with Griffin Capital Partners, holds a majority stake in PAD RES – one of the leading RES developers with a project portfolio of 3.0 GW and over 2,000 hectares in the development phase – and is the majority shareholder of Hymon, a company dealing with the installation of rooftop photovoltaic systems and heating solutions, which has implemented over 80,000 installations to date.
