Soltec Sells 850 MW Solar Project Portfolio in Denmark

Enea, a renewable energy company, acquired the 35 MW Genowefa solar project from PAD RES, a joint venture between Kajima Europe and Griffin Capital Partners in Poland.

The project is located near Kleczew, Greater Poland Voivodeship, the Genowefa Photovoltaic Farm is expected to produce more than 35,000 MWh of green energy annually in its first years of operation, providing clean energy for approximately 17,500 households.

The construction began in April 2022 and the plant started producing energy in August 2023. The plant consists of 65,420 panels and covers an area of about 40 hectares.

Paweł Majewski, CEO of Enea S.A says: “Over the past months, we have declared a clear acceleration of our efforts to increase the Enea Group’s installed capacity in renewable energy sources. Recent weeks and further investments, like the purchase of the Genowefa PV Farm, are a confirmation of the realization of our commitments and our contribution to the transformation of the energy sector. Our next installations are in the pipeline, and currently, we have projects within Group companies with specified connection conditions for about 525 MW. In 2024, we plan to have projects for about 800 MW with construction permits issued.”

The Genowefa PV farm is the first PAD RES development to be constructed, commissioned, and sold since Kajima Europe and Griffin Capital Partners acquired the majority stake in September 2021.

Julian Rudd-Jones, Director at PAD RES Group, says: “We are happy to have partnered with Enea, one of Poland’s largest energy groups and the second largest producer of electricity in Poland. Our joint mission is to actively participate in transforming the energy sector and developing renewable energy sources. Since 2022, we have acquired 13 projects with a total capacity of 450 MW with Grid Connection Conditions, and we also have additional active investment plans – we are planning to start construction of another 140 MW of photovoltaic projects this year.”

According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, in the first half (1H) of 2023, 116 solar project acquisitions totaling 25.5 GW were announced compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.