Kajima Europe and Griffin Capital Partners acquire majority stake in Polish PV installation company

Pan-European investment, development, and construction company Kajima Europe, together with Griffin Capital Partners, has acquired a 70 percent stake in leading Polish solar PV company Hymon, marking the second intervention by the partners in the Polish renewable energy market.
Kajima Europe and Griffin Capital Partners acquire majority stake in Polish PV installation company
Courtesy of Griffin Capital Partners.

Hymon has an installed solar PV capacity track record of approximately 472 MW. Kajima and Griffin will continue to increase the company’s market position with further development of the product portfolio and plans to enter new markets. Kajima will be the major investor with Griffin Capital Partners will act as co-owner and investment manager of the platform. Jacek Strzesak, the founder of Hymon, will remain a 30 percent shareholder and supervisory board member.

“Kajima’s mission is to pursue sustainable investment and development opportunities across Europe” said Chris Gill, Investments Director & Head of Renewables at Kajima. “We recognise huge potential in the Polish RES market, and through this second renewables sector-based partnership with Griffin, we will strengthen our presence in this dynamic emerging sector.”

Tomasz Mrowczyk, Co-Managing Partner at Griffin Capital Partners, added that the company is steadily increasing its participation in the energy transition.

“We see the opportunity to efficiently deploy the capital in both asset-heavy segments as well as through private buyout plays” said Mr Mrowczyk.  “We are excited by the number and attractiveness of the opportunities we see and hope to announce further steps in the near future.”

Hymon specialises in the delivery of turnkey photovoltaic rooftop solutions as well as heat pumps to private households and to industrial and corporate clients. It has been on the Polish market since 2011 and has achieved over 70,000 installations. The company currently employes approximately 300 workers and co-operates with 800 contract-based sales representatives and 100 contract-based installers, allowing the execution of more than 1,300 photovoltaic installations monthly.

“The Polish RES market is developing rapidly - our company has grown to a leading position in the country's markets over the last ten years” said Jacek Strzesak, the founder of Hymon. “We believe that partnering with Griffin and Kajima, international, experienced, and prominent players in the market, will allow us to continue to grow and enter new areas of activity.”

In September 2021, Kajima Europe and Griffin Capital Partners announced a joint venture to finance and develop renewable energy projects in Poland. As part of the deal, the JV has acquired a 72 percent stake in Pad Res, a leading developer in Poland's clean energy asset space. Since then, Pad Res has started work on 13 projects with a total capacity of 500 MW, all with successful applications for grid connection conditions. In July 2022, the company secured financing to construct the Genowefa photovoltaic farm with a total capacity of 35 MW.

For additional information:

Kajima Europe

Griffin Capital Partners

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