PAD RES, a Polish renewable energy project developer, received a bridge loan of €38 million (~$40.5 million) from RGREEN INVEST, a French fund manager specializing in infrastructure projects related to energy transformation and climate adaptation.
French fund manager RGREEN INVEST will provide the loan through its short-term senior debt fund INFRABRIDGE III. The funds will support the construction of 14 solar projects in Poland with a total capacity of 76 MW.
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 a technical advisor to the lender.
The financing package was secured as part of a structured process led by Capcora, which acted as the exclusive financial advisor to PAD RES in the transaction.
All 14 solar projects are expected to be completed by the end of 2024, with the construction of the first already underway.
PAD RES is a Polish renewable energy developer specializing in renewable energy projects, infrastructure investments, and commercial properties. The company’s renewable energy portfolio includes investments in solar and wind projects at various stages of advancement, both in the developmental and ready-to-build phase, with a total operational renewable energy capacity exceeding 500 MW.
In September 2021, Griffin Capital Partners, a Polish investor, and Kajima Europe, a real estate developer, bought a majority share in PAD RES, while founder and CEO Mariusz Adamczewski remained co-owner.
Last Month, Renewable energy company Green Genius and RGREEN INVEST arranged a financial agreement of €42 million (~$45 million) to build eight solar PV projects in Lithuania, amounting to a total capacity of 65.7 MW.
According to Mercom Annual and Q4 2022 Solar Funding and M&A report, large-scale project funding in 2022 came to $32.1 billion in 179 project funding deals, compared to $18.7 billion in 185 projects in 2021. Recently, Matrix Renewables, the TPG Rise-backed renewable energy company dedicated to acquiring and developing solar, clean energy infrastructure projects, and renewable energy assets, secured $43 million in project financing to start the construction of two solar projects – Zaratán and Arroyadas – totaling 66 MW, in the municipality of Valladolid, in northwest Spain.