PAD RES secures €38M construction bridge facility from RGREEN INVEST

PAD RES, a Polish developer in the clean energy sector owned by Griffin Capital Partners, Kajima Europe and Mariusz Adamczewski, has acquired a EUR 38m bridge loan from RGREEN INVEST, a French fund manager specialized in energy transition and climate change adaptation related infrastructure projects.

The funds, provided by RGREEN INVEST’s short-term senior debt fund INFRABRIDGE III, will be used to support the construction of 14 fully merchant solar PV projects that amount to a total capacity of 76 MWp and are scheduled to be built in Poland over the next 18 months. Highly reliant on fossil energy sources, Poland’s transition to renewable energy will help increase its energetic independence while decreasing its CO2e emissions.

The financing package was secured through a structured process led by Capcora, who acted as exclusive financial advisor to PAD RES in the transaction. The projects, which range in size from 1 MWp to 14 MWp and are spread across Poland, will operate on a “fully merchant” basis initially, but PAD RES reserves the right to market the electricity generated via a power purchase agreement (PPA) in the future. All 14 individual photovoltaic projects are expected to be completed by end of 2024, with construction of the first projects already underway.

“We are thrilled to partner with RGREEN INVEST who bring their expertise and financial support to our portfolio of solar projects in Poland,” said Michał Pryca, CFO of PAD RES. “This financing package marks a significant milestone for us in our mission to lead the clean energy transition and contribute to a sustainable future for the country and its communities.”

“With this funding of PAD RES’s merchant project portfolio, RGREEN INVEST confirms its commitment to support the growth of renewable energy in Eastern Europe, namely in Poland. Through this new partnership, we aim to contribute to the decarbonisation of the region’s electricity mix. We admire and support PAD RES’s work and look forward to accompanying them in their efforts,” said Mathilde Ketoff, Head of Debt Investment at RGREEN INVEST.

“We are delighted to have been able to assist PAD RES in securing this important financing package,” said Alexander Kuhn, Managing Partner at Capcora. “This successful transaction demonstrates the proficiency of our team in delivering innovative and tailored financing solutions for the renewable energy sector in Poland.”

PAD RES was advised by Clifford Chance (documentation) and Rymarz Zdort (due diligence), while RGREEN INVEST worked with Norton Rose Fulbright on both documentation and legal due diligence. Wind Prospect acted as technical advisor to the lender, with Capcora serving as financial advisor.

 

RGREEN INVEST’s short-term senior debt fund INFRABRIDGE III was designed to provide a fast and flexible solution for European and International renewable energy, e-mobility and storage project developers who need rapid financing in the critical seed phase, so that they can subsequently benefit from competitive ban financing. This senior debt fund is SFDR/article 9 compliant.