Calik Renewables has acquired a 255 MW operational solar PV portfolio in Poland from PAD RES Group, with the transaction effective 1-Jan-2026. The assets include the 105 MW Sztum project and the 150 MW Stargard project, both fully operational and grid-connected.

The key feature is not capacity, but structure. PAD RES remains as asset manager post-sale and simultaneously signs a cooperation agreement to develop energy storage and wind projects under a cable pooling model aligned with Calik’s long-term strategy. Control transfers, execution continuity does not.

This signals buyers are prioritizing operational stability and optionality over clean exits. Retaining the original developer reduces operational risk on day one, while preserving local development capability for the next build-out phase. The transaction effectively bundles operating cash flow with a forward pipeline.

Commercially, this matters in Poland, where grid constraints and permitting timelines reward players who can stack assets on existing connections. Cable pooling with storage and wind allows Calik to increase utilization without reopening interconnection risk, while PAD RES monetizes capital but stays embedded in future upside.

The power sales structure reinforces this. Electricity from Sztum is sold to Hekla Energy, anchoring revenues while leaving room for optimization as storage is added. The deal reflects a market where buyers are underwriting platform behavior, not just assets.

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