PAD RES has closed a financing agreement for the construction of two solar farms with a combined capacity of 117MW in northern Poland.
The Polish Development Fund (PFR) will provide 240m zloty (€54m) for the two projects in the Pomeranian Voivodeship.
The planned photovoltaic farms will cover an area of about 140 hectares.
Electrum has been chosen as the general contractor for both investments. PAD RES and Electrum have previously collaborated on the 35MW Genowefa photovoltaic farm in Kleczew, Central Poland.
Michal Pryca, Chief Financial Officer at PAD RES, said: “We are confident that our cooperation with PFR will strengthen our position in the market. We recently announced the launch of two new investments in the Pomeranian Voivodeship, and now we are pleased to disclose that they have received PLN 240m in financing from PFR.
“We are very grateful for this trust and believe that through our partnership with PFR, we will not only expand our portfolio but also contribute to the further development of the renewable energy sector in Poland”.
Bartlomiej Pawlak, Vice-President of the Board of the PFR, added: “At PFR, we prioritise investments in sustainable development. One of our key strategic goals is to support Poland’s energy transition by investing in renewable energy projects.
“Our mission is to assist Polish companies operating in this sector, as every investment in green energy is an important step towards improving our country’s energy security”.